Facebook parent Meta is slashing another 10,000 jobs and will not fill 5,000 open positions as the social media pioneer cuts costs.
FILE - Meta's logo can be seen on a sign at the company's headquarters in Menlo Park, Calif., Nov. 9, 2022.
The company announced 11,000 job cuts in November, about 13% of its workforce at the time.
Meta and other tech companies have been hiring aggressively for at least two years and in recent months have begun to let some of those workers go.
Early last month, Meta posted falling profits and its third consecutive quarter of declining revenue.
The company said Tuesday it will reduce the size of its recruiting team and make further cuts in its tech groups in late April, and then its business groups in late May.
"This will be tough and there's no way around that," said CEO Mark Zuckerberg. "It will mean saying goodbye to talented and passionate colleagues who have been part of our success."
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The Menlo Park, California, company has invested billions of dollars to realign its focus on the metaverse. In February it said a downturn in online advertising and competition from rivals such as TikTok weighed on results.
"As I've talked about efficiency this year, I've said that part of our work will involve removing jobs -- and that will be in service of both building a leaner, more technical company and improving our business performance to enable our long term vision," said Zuckerberg.
The biggest tech companies in the U.S. are cutting costs elsewhere, too.
This month, Amazon paused construction on its second headquarters in Virginia following the biggest round of layoffs in the company's history and its shifting plans around remote work.
In early trading, Meta shares rose 6%.
Here are the companies that have laid off employees this year — so far
Alphabet
Alphabet
Google's parent said Jan. 20 it is laying off 12,000 workers across product areas and regions, or 6% of its workforce. Alphabet added 50,000 workers over the past two years as the pandemic created greater demand for its services. But recent recession fears has advertisers pulling back from its core digital ad business.
"Over the past two years we've seen periods of dramatic growth," CEO Sundar Pichai said in an email to employees. "To match and fuel that growth, we hired for a different economic reality than the one we face today."
Microsoft
Microsoft
The tech behemoth is laying off 10,000 employees, the company said in a securities filing on Jan. 18. Globally, Microsoft has 221,000 full-time employees with 122,000 of them based in the US.
CEO Satya Nadella said during a talk at Davos that "no one can defy gravity" and that Microsoft could not ignore the weaker global economy.
"We're living through times of significant change, and as I meet with customers and partners, a few things are clear," Nadella wrote in a memo. "First, as we saw customers accelerate their digital spend during the pandemic, we're now seeing them optimize their digital spend to do more with less."
Vox Media
Vox Media
The publisher of the news and opinion website Vox, tech website The Verge and New York Magazine, announced Jan. 20 that it's cutting 7% of its staff, or about 130 people.
"We are experiencing and expect more of the same economic and financial pressures that others in the media and tech industries have encountered," chief executive Jim Bankoff said in a memo.
BlackRock
BlackRock
Layoffs are also hitting Wall Street hard. The world's largest asset manager is eliminating 500 jobs, or less than 3% of its workforce.
Today's "unprecedented market environment" is a stark contrast from its attitude over the last three years, when it increased its staff by about 22%. Its last major round of cutbacks was in 2019.
Goldman Sachs
Goldman Sachs
The bank will lay off up to 3,200 workers this month amid a slump in global dealmaking activity. More than a third of the cuts are expected to be from the firm's trading and banking units. Goldman Sachs had almost 50,000 employees at the end of last year's third quarter.
Coinbase
Coinbase
The crypto brokerage announced in early January that it's cutting 950 people -- almost one in five employees in its workforce. The move comes just a few months after Coinbase laid off 1,100 people.
Though Bitcoin had a solid start to the new year, crypto companies were slammed by significant drops in prices of Bitcoin and other cryptocurrencies.
McDonald's
McDonald's
McDonald's, which thrived during the pandemic, is planning on cutting some of its corporate staff, CEO Chris Kempczinski said this month.
"We will evaluate roles and staffing levels in parts of the organization and there will be difficult discussions and decisions ahead," Kempszinski said, outlining a plan to "break down internal barriers, grow more innovative and reduce work that doesn't align with the company's priorities."
Amazon
Amazon
As the new year began, Amazon said it plans to lay off more than 18,000 employees. Departments from human resources to the company's Amazon Stores will be affected.
"Companies that last a long time go through different phases. They're not in heavy people expansion mode every year," CEO Andy Jassy said in a memo to employees.
Amazon boomed during the pandemic, and hired rapidly over the last few years. But demand has cooled as consumers return to their offline lives and battle high prices. Amazon says it has more than 800,000 employees.
Salesforce
Salesforce
Salesforce will cut about 10% of its workforce from its more than 70,000 employess and reduce its real estate footprint. In a letter to employees, Salesforce's chair and co-CEO Marc Benioff admitted to adding too much to the company's headcount early in the pandemic.
Spotify
Spotify
Spotify said Jan. 23 that it will cut 6 percent of its workforce to reduce costs, joining tech companies including Amazon and Microsoft in slashing headcount as the global economy slows.
In a letter to employees posted on the company's website, CEO Daniel Ek took full responsibility for the job cuts, which he called "difficult but necessary."
The Stockholm-headquartered music streaming business had about 9,800 employees globally as of Sept. 30, according to an earnings report.
Stitch Fix
The online personalized subscription clothing retailer said it plans to lay off 20% of its salaried staff.
"We will be losing many talented team members from across the company and I am truly sorry," Stitch Fix founder and former CEO Katrina Lake wrote in a blog post.
IBM
IBM
Profits fell in the most recent quarter at the technology and consulting company, but it said the 3,900 job cuts announced in late January were due to earlier sale of parts of its business. IBM sold its health care data business last year and in 2021, it spun off its legacy tech division in 2021.
PayPal
PayPal
The digital payments company says it will trim about 7% of its total workforce, or about 2,000 full-time workers, as it contends with a challenging environment.
Dell
Dell
The computer maker reduced its payroll by 5%, or about 6,600 jobs, saying that the steps it's taken to stay ahead of eroding market conditions are no longer enough. Profits have slipped over the past two quarters at the company, which employed about 133,000 people at the start of last year.
Meta
Meta
Facebook’s parent Meta will slash another 10,000 jobs and will not fill 5,000 open positions as the social media pioneer cuts costs. The company said March 14 it will reduce the size of its recruiting team and then make further cuts in its tech groups in late April, and then its business groups in late May.
