Facebook parent Meta Platforms slashes another 10,000 jobs
Justin Sullivan

Tagging 2023 as the 'year of efficiency' Meta Platforms (NASDAQ:META)said Tuesday it will cut another 10,000 jobs and put the brakes on plans to fill 5,000 open positions as the Facebook parents took more dramatic steps to get its cost structure under control.
Meta (META) Chief Executive Mark Zuckerberg made the latest job cut announcement in a memo to company employees. Zuckerberg said that among the other steps Meta (META) was taking several steps to "complete our analysis from our hybrid work year of learning so we can further refine our distributed work model."
Wall Street responded positively to Meta's (META) announcement, as the company's shares rose 5% Tuesday.
In a Securities and Exchange Commission filing, Meta (META) said it now expects its 2023 fiscal year total expenses to be in the range of $86B to $92B, down from an earlier forecast of $89B to $95B. The new expense forecast includes the anticipated impact of its latest layoffs and other cost reduction measures, and is inclusive of restructuring costs of approximately $3B to $5B related to facilities consolidation charges and severance and other personnel costs.
In November, the Instagram parent reduced its workforce by 13%.
The Financial Times reported that a rising number of senior leaders have also quit the company in recent weeks indicating uncertainty internally. Among those to depart Meta (META) were its vice president of sales organization for the Americas and chief business officer Marne Levine, who left in February.
People close to the matter said that the latest cuts are expected to disproportionately hit the policy, marketing and communications teams.
The company head of fintech Stephane Kasriel said on his twitter post Monday, "We're winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses".
After its Q4 results and improving outlook, a Jefferies equity research note this month, analysts wrote: "We believe more headcount reductions are needed to offset the last 2 years of excess hiring."