Meta lays off thousands of workers this week in fresh job cuts to meet financial targets: Report

Meta will cut thousands of jobs as soon as this week in a fresh round of layoffs, Bloomberg News reported on Monday, just months after Facebook’s parent company cut more than 11,000 people from its workforce.

The report cites people familiar with the matter as saying the new round of job cuts is being driven by financial goals and is separate from “flattening”.

meta declined to comment on the Bloomberg report when contacted by Reuters.

Last month, the Washington Post reported that Meta was planning job cuts in an effort to reorganize and downsize. According to report CEO Meta Mark Zuckerberg told investors in February that last year’s layoffs were “the beginning of our focus on efficiency, not the end.” He said he would work to “flatten our organizational structure and remove some layers of middle management.”

Meta, at the time, declined to comment, but spokesman Andy Stone in a series of tweets cited several earlier statements by CEO Mark Zuckerberg suggesting that more cuts would be forthcoming. .

Meta’s mass layoffs in November that cut more than 11,000 jobs were among the largest layoffs last year and the first in the company’s history. Other tech companies, including Google-parent Alphabet And Microsoftalso cut thousands of jobs.

Meta has ramped up recruiting during the COVID-19 pandemic to meet the growing social media needs of consumers stuck at home. But business takes a hit in 2022 as advertisers cut spending as interest rates rise rapidly.

Meta, once worth over $1 trillion (nearly Rs 82,840,100), is now valued at $446 billion (nearly Rs 36,94,700). Meta stock fell about 0.5 percent on Wednesday.

According to a report from employment firm Challenger, Gray & Christmas, more than 100,000 US companies were laid off in January, led by technology companies.

© Thomson Reuters 2023