Meta Platforms, which runs Facebook and WhatsApp, has said it will pare 10,000 jobs in 2023, making it the first Big Tech company to announce a second round of mass layoffs.
Meta shares jumped 6 per cent on the news. The job cuts are part of a restructuring that will see the company scrap hiring plans for 5,000 openings, kill lower-priority projects and flatten layers of middle management. Meta expects expenses in 2023 to be between $86 billion and $92 billion, lower than the earlier forecast $89 billion to $95 billion.
The software industry is bracing for a deep economic downturn. This would have a cascading effect on Indian firms as well. Most Big Tech firms also employ Indian talent in large numbers.
