Meta plans fresh round of Lay Offs: Report
Meta, the parent company of Facebook and Instagram, is planning a fresh round of job cuts and will lay off thousands of employees as soon as this week, according to a Bloomberg report quoting people familiar with the matter.
This comes after the company in November 2022 also laid off 11,000 employees or 13 per cent of its total workforce.
The report, quoting the sources, said the second round of layoffs is being driven by financial targets and is separate from the “flattening” of organisation. Meta is also working to flatten its organisation, giving buyout packages to managers and cutting whole teams it deems non-essential.
The latest round of layoffs is likely to be finalised in the next week, according to the Bloomberg report.
The report suggests that Meta has asked directors and vice presidents to list the names of the employees that can be let go in this round of layoffs.
Meta is witnessing a slowdown in revenue due to more restrictions in the targeted ads category. This impacts the advertising revenue of the company. The metaverse platform is also far from generating any revenue.
Meta CEO Mark Zuckerberg has titled 2023 as the ‘year of efficiency’ for the company. The company has also completed a recent performance review of the employees which could easily be a precursor to the second round of layoffs.
