Following multiple reports, Meta confirmed that it will lay off 10,000 employees from its global workforce, this being the second massive cut in recent months at the company.
The announcement was made by CEO Mark Zuckerbergwhich indicates that this process could last until the end of the year.
Mass layoffs
Zuckerberg made a short statement to give more details on the matter.
“We expect to announce restructurings and layoffs in our technology groups by the end of April and then in our enterprise groups by the end of May,” he wrote. In a “small number of cases, it may take until the end of the year to complete these changes.”
In addition to the 10,000 employees who will be laid off, about 5,000 additional vacant positions that did not yet have names are being closed.
As of September 2022, Target reported a headcount of 87,314, according to securities filings. With 11,000 job cuts announced in November and the 10,000 announced Tuesday, that would reduce the headcount from Target to about 66 thousand, a reduction of about 25 %.
A reality of technological
The entire technology industry has suffered from a slowdown following the critical pandemic months.
Inflation, high interest rates and a return to face-to-face in many industries has caused tech, which enjoyed great popularity and millions in revenue during the first months of the crisis, to begin to retreat to near pre-pandemic values.
Amazon, Microsoft, Google and more have collectively cut tens of thousands of workers.
In its most recent quarterly earnings report, Target posted a sharp drop in earnings and reported its third consecutive quarterly decline in revenue. During the earnings call, Zuckerberg promised investors that 2023 would be the “year of efficiency” for the company, following years of heavy investment in growth and a more immersive version of the Internet called metaverse.
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