Meta is looking to terminate the employment of over 10,000 workers in the next four months, according to CEO Mark Zuckerberg.
Driving the news: Zuckerberg announced the tech giant's second round of layoffs in a Facebook post on Tuesday, 14 March.
5,000 open job positions at Meta will be folded up, the post further revealed
With these job cuts, Meta is reportedly looking to improve its "financial performance in a difficult environment."
"This will be tough and there's no way around that," the billionaire added
Why it matters: The global tech industry has seen a frenzy of firings since last year. This has led to thousands of Indian IT professionals in the US being out of a job.
The math: Up till September 2022, Meta had a total of 87,314 people on its payroll
In November, over 11,000 jobs were slashed
Now, the company's workforce is at 65,000
Meta share prices climbed by 5 percent on Tuesday morning
Belt-tightening: Zuckerberg cautioned that the company might be looking to cut back on spending for some time.
"At this point, I think we should prepare ourselves for the possibility that this new economic reality will continue for many years," he wrote
"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. Given this outlook, we'll need to operate more efficiently than our previous headcount reduction to ensure success," he elaborated
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