Facebook has announced an additional 10,000 more jobs to be cut this year.
This is the second round of layoffs announced by Facebook this year.
Meta, the parent platform of Facebook announced this on March 14th showing a continuation
of the job cuts and layoffs in the Big Tech companies who are bracing for an economic slow down with the odds for a recession increasing by the day.
With the announcement, Facebook intends to pull the plugs on low priority projects and level out their middle management.
Facebook had earlier in the year announced mass layoffs affecting 11,000 jobs, after it became obvious the company had over hired staffs in 2020.
Meta shares rose 6% following the job cut news.
The tech sector is currently going through a lot of restructuring, with huge job losses accelerated by fears of an economic downturn accompanied by rising interest rates in America.
However, Facebook is the only major tech company to announce a second round of layoffs in this period.