Meta plans to announce a second round of layoffs this week, cutting thousands of jobs. Sources tell Bloomberg. Meta would like to achieve financial goals with the round of layoffs.
The upcoming round of layoffs is said to be aimed at meeting financial targets after the company’s advertising revenue has slumped somewhat, say the Bloomberg sources. Directors and vice presidents would therefore have been asked to make lists of employees who could be fired. The company would like to finalize the plans this week, with the aim of presenting them to CEO Mark Zuckerberg as soon as possible. Zuckerberg could go on parental leave at any time.
This new round of layoffs comes on top of the round of layoffs announced in November, in which 11,000 jobs were cut. At the time, this was about thirteen percent of the total workforce. Then Meta indicated competition and disappointing advertising revenues as the cause. A second round of layoffs was already expected, as Zuckerberg has said he wants to make 2023 Meta’s “efficiency year.” Furthermore, Meta would like to make the company ‘flatter’, with fewer managers and the elimination of ‘non-essential teams’.