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The Water Cooler
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Tech Layoffs Coming Tidal Wave - The Tracker
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<blockquote data-quote="SlugSlinger" data-source="post: 3996551" data-attributes="member: 7248"><p><h3>Meta to cut 10,000 jobs in second round of layoffs</h3><p>March 14 (Reuters) - Facebook-parent Meta Platforms <a href="https://www.reuters.com/companies/META.O" target="_blank">(META.O)</a> said on Tuesday it would cut 10,000 jobs this year, making it the first Big Tech company to announce a second round of mass layoffs as the industry braces for a deep economic downturn.</p><p></p><p>Meta shares jumped 6% on the news. The widely-anticipated job cuts are part of a restructuring that will see the company scrap hiring plans for 5,000 openings, kill off lower-priority projects and "flatten" layers of middle management.</p><p></p><p>They followed the company's <a href="https://www.okshooters.com/safari-reader%3A//www.reuters.com/technology/meta-cut-more-than-11000-jobs-one-biggest-us-layoffs-this-year-2022-11-09/" target="_blank">first mass layoff</a> in the fall, which eliminated more than 11,000 jobs, or 13% of its workforce at the time, after a hiring spree that doubled the employee count it had as of 2020.</p></blockquote><p></p>
[QUOTE="SlugSlinger, post: 3996551, member: 7248"] [HEADING=2]Meta to cut 10,000 jobs in second round of layoffs[/HEADING] March 14 (Reuters) - Facebook-parent Meta Platforms [URL='https://www.reuters.com/companies/META.O'](META.O)[/URL] said on Tuesday it would cut 10,000 jobs this year, making it the first Big Tech company to announce a second round of mass layoffs as the industry braces for a deep economic downturn. Meta shares jumped 6% on the news. The widely-anticipated job cuts are part of a restructuring that will see the company scrap hiring plans for 5,000 openings, kill off lower-priority projects and "flatten" layers of middle management. They followed the company's [URL='https://www.okshooters.com/safari-reader%3A//www.reuters.com/technology/meta-cut-more-than-11000-jobs-one-biggest-us-layoffs-this-year-2022-11-09/']first mass layoff[/URL] in the fall, which eliminated more than 11,000 jobs, or 13% of its workforce at the time, after a hiring spree that doubled the employee count it had as of 2020. [/QUOTE]
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