Meta

CEO Mark Zuckerberg said the new cuts would take place over the coming months with longer timelines for international teams.

The news sent Meta's shares were up 5% in early trading today on the back of the news. However, he said the job cuts needed to be put into perspective. Zuckerberg said leaders will announce restructuring plans shortly focused on flattening the organisation, cancelling lower priority projects and reducing hiring rates. The company employs approximately 3,000 in Ireland largely based in Dublin. The world’s largest social networking company already made a 13% reduction in staff numbers in November. In its earlier round of cuts, Meta slashed 11,000 workers in what was its first-ever major layoff.

The latest layoffs are on top of the 11000 job cuts announced in November to make Meta a more efficient business.

Last summer, a recording of an employee Q&A with the CEO was Meta employs around 2,600 people in Ireland. “We will let recruiting team members know tomorrow whether they’re impacted.

We'll send you a myFT Daily Digest email rounding up the latest Meta Platforms news every morning. Meta has announced plans to axe a further 10,000 jobs over ...

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Mark Zuckerberg announces steps to make Meta a better technology company and improve our financial performance.

In addition, please note that the date of this post is March 14, 2023, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. As part of our Year of Efficiency, we’re focusing on understanding this further and finding ways to make sure people build the necessary connections to work effectively. Operating our business more efficiently will give us the resources and confidence to achieve our long term vision by delivering sustainable financial results that make us an attractive company to work at and invest in. Higher interest rates lead to the economy running leaner, more geopolitical instability leads to more volatility, and increased regulation leads to slower growth and increased costs of innovation. In addition to helping us build a better technology company, our other goal for the Year of Efficiency is to improve our business performance given the new economic reality. We scaled back budgets, shrunk our real estate footprint, and made the difficult decision to lay off 13% of our workforce. It’s important for all groups to get leaner and more efficient to enable our technology groups to get as lean and efficient as possible. We will make sure we continue to meet all our critical and legal obligations as we find ways to operate more efficiently. We expect to announce restructurings and layoffs in our tech groups in late April, and then our business groups in late May. My hope is to make these org changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead. Meta is building the future of human connection, and today I want to share some updates on our Year of Efficiency that will help us do that. I’ve tried to be open about all the work that’s underway, and while I know many of you are energized by this, I also recognize that the idea of upcoming org changes creates uncertainty and stress.

Meta plans to cut its workforce by another 10000 people, withdraw around 5000 open roles that it has not filled and cancel some projects.

Restructuring, as part of the company's 'Year of Efficiency', also sees 5000 unfulfilled job adverts closed.

“Our single largest investment is in advancing AI and building it into every one of our products. “Our leading work building the metaverse and shaping the next generation of computing platforms … “We believe more headcount reductions are needed to offset the last two years of excess hiring,” it said. “Our early analysis of performance data suggests that engineers who either joined Meta in-person and then transferred to remote or remained in-person performed better on average than people who joined remotely,” he said. The end goal of the restructure is “to improve organizational efficiency, dramatically increase developer productivity and tooling, optimize distributed work, garbage collect unnecessary processes, and more”, Zuckerberg said. At its peak in 2022, Meta had grown to 87,000 employees globally, with a substantial portion of that hiring occurring since the onset of the Covid pandemic.

Meta shares jumped 6% on the news. The widely-anticipated job cuts are part of a restructuring that will see the company scrap hiring plans for 5000 ...

The first of those cuts appeared to come last week. Worries of an economic downturn due to rising interest rates have also sparked a series of mass job cuts across corporate America: from Wall Street banks such as Goldman Sachs and Morgan Stanley to Big Tech firms including Amazon.com and Microsoft. Zuckerberg said he planned to further reduce the size of the recruiting team, which was especially hard-hit in the fall layoffs. Its headcount stood at 86,482 at 2022-end, up 20 per cent from a year ago. But last year was a humbling wake-up call," Zuckerberg wrote. Meta shares jumped 6 per cent on the news.

Meta shares jumped 6% on the news. The widely-anticipated job cuts are part of a restructuring that will see the company scrap hiring plans for 5000 ...

The first of those cuts appeared to come last week. Worries of an economic downturn due to rising interest rates have also sparked a series of mass job cuts across corporate America: from Wall Street banks such as Goldman Sachs and Morgan Stanley to Big Tech firms including Amazon.com and Microsoft. Zuckerberg said he planned to further reduce the size of the recruiting team, which was especially hard-hit in the fall layoffs. Its headcount stood at 86,482 at 2022-end, up 20 per cent from a year ago. But last year was a humbling wake-up call,” Zuckerberg wrote. Meta shares jumped 6 per cent on the news.

There were new fears for jobs at Meta's Irish operations after chief executive Mark Zuckerberg announced a new round of lay-offs that will see 10,000 people ...

But Mr Zuckerberg is now encouraging his staff to “find more opportunities to work with your colleagues in person.” We expect to announce restructurings and lay-offs in our tech groups in late April, and then our business groups in late May,” he said. By the time Meta starting eliminating jobs last November, the company had more than 87,000 employees. “After restructuring, we plan to lift hiring and transfer freezes in each group. “Given this outlook, we’ll need to operate more efficiently than our previous headcount reduction to ensure success. The latest round of cuts, which had been widely expected, will impact the company’s recruitment teams initially, with some cuts backs being announced on Wednesday.

Facebook-parent Meta Platforms said on Tuesday it would cut 10000 jobs this year, making it the first Big Tech company to announce a second round of mass ...

Zuckerberg said he planned to further reduce the size of the recruiting team, which was especially hard-hit in the fall layoffs. Its headcount stood at 86,482 at 2022-end, up 20% from a year ago. Both changes were initially reported by the Wall Street Journal. But last year was a humbling wake-up call," Zuckerberg wrote. Meta shares jumped 6% on the news. With the latest move, Meta expects expenses in 2023 to come in between $86 billion and $92 billion, lower than the $89 billion to $95 billion forecast previously. Restructurings in the tech group would be announced in late April and cuts to business groups would come in May. [job cuts](/markets/us/tech-firms-wall-street-titans-lead-job-cuts-corporate-america-2023-02-08/) across corporate America: from Wall Street banks such as Goldman Sachs [(GS.N)](https://www.reuters.com/companies/GS.N) and Morgan Stanley [(MS.N)](https://www.reuters.com/companies/MS.N) to Big Tech firms including Amazon.com [(AMZN.O)](https://www.reuters.com/companies/AMZN.O) and Microsoft [(MSFT.O)](https://www.reuters.com/companies/MSFT.O). Register for free to Reuters and know the full story In a message to staff, Chief Executive Mark Zuckerberg said most of the cuts would be announced in April and May, though in some cases they would continue through the end of the year. "For most of our history, we saw rapid revenue growth year after year and had the resources to invest in many new products. [(META.O)](https://www.reuters.com/companies/META.O) said on Tuesday it would cut 10,000 jobs this year, making it the first Big Tech company to announce a second round of mass layoffs as the industry braces for a deep economic downturn.

Meta to lay off 10,000 more workers after initial cuts in November · Meta CEO Mark Zuckerberg said Tuesday the company plans to cut 10,000 employees. · The ...

[announced](https://www.cnbc.com/2023/01/18/amazon-set-to-begin-new-round-of-layoffs-affecting-over-18000-people.html) a new round of layoffs in January, impacting 18,000 employees across multiple divisions. In January, [12,000 workers](https://www.cnbc.com/2023/01/20/google-parent-to-lay-off-12000-workers-memo.html), [Microsoft](https://www.cnbc.com/quotes/MSFT/) announced plans to cut [10,000 employees](https://www.cnbc.com/2023/01/18/microsoft-is-laying-off-10000-employees.html) and [Salesforce](https://www.cnbc.com/quotes/CRM/) said it planned to [cut 7,000 jobs](https://www.cnbc.com/2023/01/04/salesforce-is-cutting-10percent-of-its-workforce-more-than-7000-employees.html). The company's Reality Labs division that's tasked with creating the metaverse lost about $13.7 billion in 2022 on $2.16 billion of revenue. [Twilio](https://www.cnbc.com/quotes/TWLO/), [Dell](https://www.cnbc.com/quotes/DELL/), [Zoom](https://www.cnbc.com/quotes/ZM/) and [eBay](https://www.cnbc.com/quotes/EBAY/) also recently disclosed significant [reductions to their workforce](https://www.cnbc.com/2023/02/07/zoom-to-lay-off-1300-employees-or-about-15percent-of-its-workforce.html). He added that the Facebook parent plans to close 5,000 additional open roles that it hasn't yet filled. Zuckerberg told analysts in February that Meta plans "on cutting projects that aren't performing or may no longer be crucial" while simultaneously "removing layers of middle management to make decisions faster." Zuckerberg has pitched 2023 as the company's "year of efficiency," in which the firm aims to become "a stronger and more nimble organization." [announced](https://www.cnbc.com/2022/11/09/meta-to-lay-off-more-than-11000-thousand-employees.html) in November, that affected more than 11,000 workers, which equated to roughly 13% of Meta's overall staff. In a nod to continued economic uncertainty, Zuckerberg noted that the company should prepare for "the possibility that this new economic reality will continue for many years." [Meta](/quotes/META/) will lay off 10,000 more workers and incur restructuring costs ranging from $3 billion to $5 billion, the company [announced](https://about.fb.com/news/2023/03/mark-zuckerberg-meta-year-of-efficiency/) Tuesday, with CEO [Mark Zuckerberg](https://www.cnbc.com/mark-zuckerberg/) warning economic instability could continue for "many years." [SEC filing](https://www.sec.gov/ix?doc=/Archives/edgar/data/1326801/000132680123000035/meta-20230314.htm) announcing the cuts, Meta also said it anticipated lowered total expenses in 2023, ranging from $86 billion to $92 billion. - The CEO previously told analysts Meta plans "on cutting projects that aren't performing or may no longer be crucial" while simultaneously "removing layers of middle management to make decisions faster."

Business Today: the best news, analysis and comment from The Irish Times business desk.

[Minaun Capital, ](https://www.irishtimes.com/property/commercial-property/2023/03/15/minaun-capital-pays-205m-for-galway-retail-scheme/)a property investment vehicle established by the founder of online auction specialist BidX1, Stephen McCarthy, has acquired the Wellpark Retail and Leisure Centre in Galway in an off-market transaction for €20.5 million. [Silicon Valley Bank](https://www.irishtimes.com/business/financial-services/2023/03/15/silicon-valley-bank-shows-there-are-few-libertarians-in-a-financial-foxhole/) shows there are few libertarians in a financial foxhole, even among the technology sector, writes FT columnist John Thornhill. Laura Slattery has the story. [Glen Dimplex](https://www.irishtimes.com/business/2023/03/15/glen-dimplex-ups-spend-on-heating-deals-as-185m-morphy-richards-sale-sealed/), an electrical goods company owned by the Louth-based Naughton family, made $198 million (€185m) from the sale of its Morphy Richards home appliances brand to a Chinese acquirer, a stock market filing reveals. [Altada Technology Solutions](https://www.irishtimes.com/business/2023/03/15/altada-directors-warned-of-exorbitant-and-punishing-loan-terms/) were told to seek independent legal advice over a €500,000 loan to the company to which “exorbitant and punishing” terms were attached, according to an affidavit filed by its liquidator in the High Court this week. The fund will now receive an additional allocation of €50 million for the purpose of making further acquisitions in the second quarter.

In a fast-moving industry like the Technology, Media and Telecoms sector, problematic communications strategies can often lead to problems much greater than ...

Perhaps the most crucial feature of Workplace from Meta for MELI has been the powerful auto-translation feature, which users can access at the click of a button. Now, staff find it easier to share updates and information with the right audience, at the correct time. Turning to the social-media style UC environment offered by Workplace from Meta, MELI began building a new, collaborative workplace environment, infused with instant chat functionality, groups, and automatic translation. For a time, the MELI company relied almost exclusively on email to keep staff members connected. Before it began looking for a new solution to unified communication and collaboration, the brand was constantly struggling with disconnected teams, separated not just by geography, but also language gaps. In a fast-moving industry like the Technology, Media and Telecoms sector, problematic communications strategies can often lead to problems much greater than just reduced productivity.

Meta CEO Mark Zuckerberg has declared that 2023 is the company's “year of efficiency,” and according to a release, that includes “refining” Meta's ...

As part of the announcement, Zuckerberg said that an internal analysis of employee performance data suggests that engineers who work in person "get more done." [promoting remote roles in 2023](https://www.metacareers.com/facebook-life/remote/?p[offices][0]=Remote%2C%20Canada&p[offices][1]=Remote%2C%20France&p[offices][2]=Remote%2C%20Germany&p[offices][3]=Remote%2C%20Ireland&p[offices][4]=Remote%2C%20Italy&p[offices][5]=Remote%2C%20Netherlands&p[offices][6]=Remote%2C%20Poland&p[offices][7]=Remote%2C%20Spain&p[offices][8]=Remote%2C%20Sweden&p[offices][9]=Remote%2C%20UK&p[offices][10]=Remote%2C%20US&offices[0]=Remote%2C%20Canada&offices[1]=Remote%2C%20France&offices[2]=Remote%2C%20Germany&offices[3]=Remote%2C%20Ireland&offices[4]=Remote%2C%20Italy&offices[5]=Remote%2C%20Netherlands&offices[6]=Remote%2C%20Poland&offices[7]=Remote%2C%20Spain&offices[8]=Remote%2C%20Sweden&offices[9]=Remote%2C%20UK&offices[10]=Remote%2C%20US&no_rdr=0), and many employees have the option to work in person. The company carried its [flexible-work policies into 2021](https://www.cnbc.com/2021/06/09/facebook-will-let-all-employees-who-can-work-remotely-to-request-full-time-remote-work.html) when it announced that workers at all levels of the company could request to work remotely full-time. "This analysis also shows that engineers earlier in their career perform better on average when they work in-person with teammates at least three days a week." - As part of the announcement, Zuckerberg said that an internal analysis of employee performance data suggests that engineers who work in person "get more done." [Meta](/quotes/META/) CEO [Mark Zuckerberg](https://www.cnbc.com/mark-zuckerberg/) has declared that 2023 is the company's "year of efficiency," and according to a [release](https://about.fb.com/news/2023/03/mark-zuckerberg-meta-year-of-efficiency/), that includes "refining" Meta's distributed work model.

Meta CEO Mark Zuckerberg has announced further cuts to Facebook's workforce, with a further 10,000 jobs set to be axed in the coming months.

Higher interest rates lead to the economy running leaner, more geopolitical instability leads to more volatility, and increased regulation leads to slower growth and increased costs of innovation. It’s important for all groups to get leaner and more efficient to enable our technology groups to get as lean and efficient as possible. The company has faced a number of challenges in recent months, from an ongoing dispute with Apple over access to user data to power its advertising efforts, to the Metaverse virtual reality ecosystem which is estimated to have lost $13.7 billion in 2022 alone.

Leo Varadkar said he remains positive about the longer-term prospects for the tech sector.

And it still means that, in the medium to long term, I think we’ll see these industries grow again.” And that still means that a lot of tech companies are hiring, it still means that there are a lot of vacancies in the tech sector. “I’m not going to put the number on it, but it is a relatively small number but it’s up to Meta to talk to their own staff about that, it wouldn’t be right for me to put a number on it today.

Elise Berlinski has found it close to impossible to conduct research using Facebook's CrowdTangle database on large-scale misinformation spread by groups ...

These digital giants have indeed reshaped all of our institutions, from the social sphere to the workplace and in exchange have imposed a regime of generalized surveillance. As a result, it is extremely difficult to study how conspiracy theories and disinformation spread and grow on Meta’s platforms. When looking for data, if it cannot be directly accessed, a last (and very efficient) recourse is to draw on the Internet Archive’s Wayback Machine, which provides access to web pages as they were at a given date. However, a quick look at the documentation describing the available data made it clear that CrowdTangle had been designed in a way that made it close to impossible to conduct research on large-scale misinformation spread by groups such as QAnon. Once the application is completed, an automated e-mail is sent that states that Meta will be in touch if it decides that the researcher can be admitted, without any further information. The goal is to expose them to ads for longer periods of time and also collect more personal data that can subsequently be monetized.

During the tech sector's pandemic-era boom, employee headcount became one of the reigning barometers of success. Quarter after quarter, alongside ...

The Taoiseach Leo Varadkar said his office had been informed of the Meta layoffs and that they would result in a "relatively small" number of redundancies. Meta ...

And it still means that, in the medium to long term, I think we'll see these industries grow again." And that still means that a lot of tech companies are hiring, it still means that there are a lot of vacancies in the tech sector. "I'm not going to put the number on it, but it is a relatively small number but it's up to Meta to talk to their own staff about that, it wouldn't be right for me to put a number on it today. A spokesperson for Meta Ireland said that the company had informed the Department of the Taoiseach about the changes to its recruitment team in Ireland. The Taoiseach Leo Varadkar said his office had been informed of the Meta layoffs and that they would result in a "relatively small" number of redundancies. It is the first wave in what could be a series of redundancies at the Irish operation of the social media giant.