META plans to cut about 10,000 jobs over the next few months, the company announced Tuesday. META stock surged on the news.
In an email to staff, Chief Executive Mark Zuckerberg said that the company would conduct multiple rounds of job cuts in the coming months. It also plans to cancel some projects as part of what he previously called a "year of efficiency."
Zuckerberg said in a written statement that the company is aiming to make its organization flatter by removing multiple layers of management.
During morning trading on the stock market today, Meta stock jumped 5.5% to 191.
The company has reduced its workforce by 11,000 employees since November.
Meta, like other social media companies, has been hit hard by a sharp slowdown in advertising, where they get the vast majority of revenue. This is happening as Meta is investing billions of dollars in the metaverse.