Meta to retrench 10k employees in next round of layoffs

Meta Platforms, which runs Facebook and WhatsApp, has said it will pare 10,000 jobs in 2023, making it the first Big Tech company to announce a second round of mass layoffs.

Meta shares jumped 6 per cent on the news. The job cuts are part of a restructuring that will see the company scrap hiring plans for 5,000 openings, kill lower-priority projects and flatten layers of middle management. Meta expects expenses in 2023 to be between $86 billion and $92 billion, lower than the earlier forecast $89 billion to $95 billion.

The software industry is bracing for a deep economic downturn. This would have a cascading effect on Indian firms as well. Most Big Tech firms also employ Indian talent in large numbers.