Meta has begun the final round of massive cuts

Meta (recognized as extremist and banned on the territory of Russia) began the third, last stage of mass reductions, reported Reuters agency. In total, the American company planned to lay off about 10,000 employees.

The first wave of layoffs began in mid-March and affected the recruiting department, and the second – in April, fell under it technical positions. As part of the third stage, the departments of advertising sales, marketing and partnerships are expected to fall under the reduction. It is also planned to close about 5,000 vacancies that are currently open.

The layoffs were preceded by months of slowing revenue growth amid high inflation and a reduction in digital advertising, the agency said. At the same time, last fall, Meta laid off 13% of its employees, i.e. more than 11,000 people, and also suspended the hiring of new employees. As a result, the company’s headcount is now down to mid-2021 levels.

Earlier in January guide Microsoft announced on plans to lay off 10,000 employees by the end of the third quarter of 2023, less than 5% of the total staff. At the same time, the company intends to continue to hire employees in “key strategic areas.”