Meta to save at least $3bn in plan to oust another 10,000 workers

Meta Platforms, the parent company of social media giant Facebook, announced the laying off of an additional 10,000 employees on Monday as part of its ongoing effort to increase efficiency and improve financial performance.

The news came as chief executive officer Mark Zuckerberg shared an update with staff on ‘Meta's Year of Efficiency’, outlining the company's plans.

It followed a previous round of layoffs in November, when the company let go of 11,000 workers.

According to a regulatory filing with the Securities and Exchange Commission (SEC) on Monday, Meta was expecting to save $3bn to $5bn from the layoffs and facilities consolidation charges.

Zuckerberg said that the company's goals for the year included improving organisational efficiency, increasing developer productivity, and optimising distributed work.

The restructuring plans would involve “flattening” the organisation and cancelling lower priority projects, as well as reducing hiring rates.

Meta said the layoffs would occur in several phases, with restructuring plans to be announced by leaders in the coming months.

Tech groups would be the first to be affected in late April, followed by business groups in late May.

International teams would have different timelines, with Zuckerberg saying local leaders would provide more details.

“This will be tough and there’s no way around that,” Zuckerberg told employees.

“It will mean saying goodbye to talented and passionate colleagues who have been part of our success - they’ve dedicated themselves to our mission and I’m personally grateful for all their efforts.

“We will support people in the same ways we have before and treat everyone with the gratitude they deserve.”

At 1025 EDT (1425 GMT), shares in Meta Platforms were up 5.09% at $190.10.

Reporting by Josh White for Sharecast.com.