Meta, the parent company of Facebook and Instagram, is set to lay off an additional 10,000 employees as the tech giant announced further cuts on Tuesday. This comes after the company had

already announced last year that it would lay off more than 11,000 employees, or about 13% of its workforce. In a message to employees, Meta CEO Mark Zuckerberg said he had made the "difficult decision" to make the cuts, adding that recruiting employees were expected to be impacted by the layoffs this week.

"We expect to announce restructurings and layoffs in our tech groups in late April, and then our business groups in late May," Zuckerberg said. He added that, for some employees, "it may take through the end of the year to complete these changes." In addition to the layoffs, the company will also close an additional 5,000 open roles.

The news comes after Meta posted declining profits and its third quarter of decreased revenue last month. The company last month said a downturn in online advertising and competition from other social media platforms have both had impacts. Meta has also spent billions of dollars to focus on the metaverse, an online virtual world that incorporates elements of augmented reality, virtual reality, avatars, and other communication.

Zuckerberg acknowledged that the layoffs would be tough and said that there was no way around it. "It will mean saying goodbye to talented and passionate colleagues who have been part of our success," he said. He added that Meta will "support people in the same ways we have before and treat everyone with the gratitude they deserve."

Other tech companies across the sector have also laid off thousands of employees in recent months. Google in January announced that it would cut about 12,000 jobs, and SiriusXM radio is cutting about 8% of its workforce. Approximately 483 tech companies have laid off 128,202 employees in 2023, according to data compiled by Layoffs.fyi, a site that has tracked tech layoffs since March 2020.

As of September 2022, Meta had about 87,000 employees, according to multiple reports. That was before the company announced more than 11,000 job cuts in November and its upcoming layoffs. Zuckerberg noted that the company will continue to invest in key areas, including virtual and augmented reality, and "unlock new ways for people to connect and communicate."

While the layoffs may appear alarming, Meta's shares rose 6% in early trading on Tuesday, indicating that investors may see the company's focus on the metaverse as a potential growth area. However, the job cuts may have implications for the wider tech industry, especially for employees looking for new roles in a highly competitive job market. Photo by Minette Lontsie, Wikimedia commons.