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A 2nd wave of layoffs at Meta; 10,000 jobs are cut

15Mar

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Technology

A 2nd wave of layoffs at Meta; 10,000 jobs are cut

[ad_1] Facebook parent Meta is slashing 10,000 jobs, about as many as the social media company announced late last year in its first round of cuts, as uncertainly about the global economy hits the technology sector particularly hard. The company announced 11,000 job cuts in November, about 13% of its workforce at the time. In addition to the layoffs, Meta said Tuesday that it would not fill 5,000 open positions. “This will be tough and there's no way around that,” said CEO Mark Zuckerberg. Meta and other tech companies have been hiring aggressively for at least two years and in recent months have begun to let some of those workers go. Hiring in the U.S. is still strong, but layoffs have hit hard in some sectors. Early last month, Meta posted fa...

‘I Got This Wrong’ Wasn’t the Apology We Needed From Big Tech

[ad_1] As they slashed thousands of jobs, founders of Facebook, Twitter and Stripe expressed regret for excessive optimism. But that wasn’t the real problem. It's par for the course to make mistakes in technology. A product goes nowhere so you shut it down and move on; regulators give you slaps on the wrist; you fight the odd lawsuit. Most costs amount to pocket change because when you're moving fast and breaking things in tech, consequences aren't that painful. Except now they are. For the first time in their history, Facebook, Twitter and other tech firms are cutting thousands of jobs, killing tech's reputation as a haven for employment, trussed up with free meals and high salaries. It is the hardest thing their founders have done, they said in long, apologetic memos announcing...

Facebook’s Age of Austerity Couldn’t Come at a Worse Time

[ad_1] It’s probably wise to restructure Meta, but it’ll be hard for Mark Zuckerberg to manage that on top of several other fires. You can't control when a recession hits. But although tech platforms like Alphabet Inc. and Snap Inc. are slimming down to cope with the global economic rout, Meta Platforms Inc.'s own restructuring couldn't come at a worse time for the firm.Meta CEO Mark Zuckerberg told staff on Thursday to expect job cuts and a smaller company overall in 2023. He is currently grappling with the blow to advertising revenue wrought by Apple Inc.'s privacy restrictions, which could cost the company an estimated £14 billion ($15.4 billion) in ad sales this year. The company is also grappling to build a TikTok compet...