‘Meta will cut thousands of jobs with a second round of layoffs’

Meta plans to announce a second round of layoffs this week, cutting thousands of jobs. Sources told Bloomberg. Meta would like to achieve financial goals with the round of layoffs.

The upcoming round of layoffs is said to be intended to achieve financial targets after the company’s advertising turnover has slumped somewhat. say the Bloomberg sources. Directors and vice presidents would therefore have been asked to make lists of employees who could be dismissed. 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 can 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 eleven thousand jobs were cut. At the time, this was approximately thirteen percent of the total employee base. Meta then cited competition and disappointing advertising revenue 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’.