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.
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
Governorship poll: Lagos, Oyo, Nasarawa, Rivers, Delta, Kaduna, five others are key battle states
As 28 new governors are set to emerge this weekend, about a third of the states in contention have emerged as battlegrounds, Nigerian Tribune’s survey has…
2023 elections: Tinubu’s victory not God’s plan for Nigeria, Peter Obi replies Aisha Buhari, others
The standard-bearer of the Labour Party (LP), Peter Obi, on Monday, replied to the recent comments by members of the All Progressives Congress (APC) that the…
I never intended to toy with any lady’s emotions —Yemi Cregx
Yelissa, the pair of Yemi Cregx and Nelissa Mchunu, were evicted last Sunday to the shock of many following the show having topped discussions across…
2023 presidential poll: We’ll hit streets if courts don’t work – LP
The Labour Party (LP) said it is prepared to hit the streets to press for its mandate if the courts fail to ensure justice over the…
Super Eagles legend Vincent Enyeama ranked greatest African goalkeeper
Super Eagles goalkeeper, Vincent Enyeama has been ranked as the greatest African goalkeeper in history by the…
EDITORIAL: Aderinto’s Dan David prize win
THE taste of victory is particularly sweeter in the aftermath of a series of defeats. We are reminded of this paradox of human life as…