10,000 to lose jobs as Facebook gives important update

Meta, the owner of Facebook, Instagram and WhatsApp, has announced plans to cut 10,000 jobs following a dramatic slowdown in revenue in 2022.

Recall the social media giant had last November, laid off 11,000 employees.

In a memo, Mr Zuckerberg cited higher interest rates in the US, global geopolitical instability and increased regulation as some of the factors affecting Meta, and contributing to the slowdown.

“I think we should prepare ourselves for the possibility that this new economic reality will continue for many years,” he said.

The latest job cuts come as companies, including Google and Amazon, have been grappling with how to balance cost-cutting measures with the need to remain competitive.

At the start of this year, Amazon announced it planned to close more than 18,000 jobs because of “the uncertain economy” and rapid hiring during the pandemic, while Google’s parent company Alphabet made 12,000 cuts.

According to layoffs.fyi, which tracks job losses in the tech sector, there have been more than 128,000 job cuts in the tech industry so far in 2023.

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