Meta is laying off about 8,000 workers, or about 10% of its workforce, the company said Thursday.
The company said it was making the cuts for the sake of efficiency and to allow new investments in parts of its business, as first reported by Bloomberg.
Also Thursday, Microsoft said it was offering voluntary buyouts to thousands of its U.S. employees.
The software giant plans to make the offers in early May to about 8,750 people, or 7% of its U.S. workforce, according to two people familiar with the plan who were not authorized to speak about it publicly.
While an alternative to the sudden layoffs removing tech workers from peers like Meta and Oracle, the savings are likely tied to a similar industry upheaval that is requiring huge spending on the costs of artificial intelligence.
Microsoft, based in Redmond, Washington, has spent billions of dollars operating an ever-expanding global network of data centers powering cloud computing services, AI systems and its own suite of productivity tools, including the AI assistant Copilot.
CNBC reported earlier Thursday on a memo from Microsoft’s chief people officer, Amy Coleman, announcing the voluntary retirement plan.
“Our hope is that this program gives those eligible the choice to take that next step on their own terms, with generous company support,” Coleman wrote, according to CNBC.
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