Meta is expected, as soon as this week, to begin a second round of job cuts in four months
Meta, the parent company of Facebook, Instagram and WhatsApp, is planning a new series of layoffs affecting thousands of employees as soon as this week, Bloomberg reported on Tuesday.
In November, the social networking giant announced a major cost-cutting plan that included sacking nearly 11,000 people, or some 13% of its workforce. The upcoming dismissals would be in addition to those.
The staff reductions are being driven by the company’s financial targets, according to people familiar with the matter, as cited by the news agency.
In February, Meta CEO Mark Zuckerberg said his corporation was focused on “cutting projects that aren’t performing or may no longer be crucial” and that it plans on “removing layers of middle management to make decisions faster.” He also pitched 2023 as the “Year of Efficiency,” aimed at drastic cost cuts.
The measures followed a sharp slowdown in digital advertising revenue and disappointing earnings for the company. In September, Zuckerberg warned staff that Meta intended to slash its expenses and restructure its teams.