More job cuts in the name of efficiency will boost revenue per employee, but the social network won’t command the margins it once did. Read More...
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Meta to Cut Another 10,000 Jobs as Mark Zuckerberg’s Year of Efficiency Rolls On
Facebook and Instagram parent Meta Platforms on Tuesday announced plans to cut another 10,000 jobs, as CEO Mark Zuckerberg presses his push for corporate efficiency in the face of slower revenue growth. “For most of our history, we saw rapid revenue growth year after year and had the resources to invest in many new products,” Zuckerberg wrote in a letter to the company’s staff, now posted on the Meta (ticker: META) website. In connection with the new round of job cuts, Meta reduced its forecast for full year 2023 total expenses to between $86 billion and $92 billion, from a previous range of $89 billion to $95 billion.
