Facebook parent Meta is slashing another 10,000 jobs and will not fill 5,000 open positions as the social media pioneer cuts costs.
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. Hiring in the U.S. is still strong, but layoffs have hit hard in some sectors.
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.”
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 more than 6% Tuesday.
An independent watchdog within the IRS reports that while taxpayer services have vastly improved, the agency is still too slow to resolve identity theft cases. And National Taxpayer Advocate Erin Collins says those delays are “unconscionable.” Erin M. Collins said in the report released Wednesday that overall the 2024 filing season went smoothly, though IRS delays in resolving identity theft victim assistance cases are worsening. It took nearly 19 months to resolve self-reported identity theft cases as of January, and Wednesday's report states that now it takes 22 months to resolve these cases.
Amazon.com Inc. surpassed $2 trillion in market value for the first time in afternoon trading on Wednesday. The push higher for Amazon’s stock market valuation comes a little more than a week after Nvidia hit $3 trillion and briefly became the most valuable company on Wall Street. Nvidia’s chips are used to power many AI application and its valuation has soared as a result. Amazon has also been making big investments in AI as global interest has grown in the technology. Most of the company’s focus has been on business-focused products.
Climate change doesn’t just mean more extreme weather – it also leads to billions of dollars in lost productivity, tourism, and stresses infrastructure.
It’s an annual tradition: the Fed’s banking ‘stress test.’ A year after the regional banking crisis, there are good reasons to make sure they’re prepped.
Summer is upon us, which means weddings, trips overseas, and trips to see Taylor Swift. Avoid a “Cruel Summer” with these budget-friendly tips and tricks.
While Nvidia's meteoric rise led it to briefly dethrone Microsoft as the world's biggest public company, there's a lot more going on in this market than A.I.
