The tech giant Meta Platforms Inc., which owns Facebook and Instagram, is planning another round of layoffs that could include thousands of employees as soon as this week, according to a report.
The report comes from Bloomberg, which spoke with a person familiar with the plans. The cuts come after Meta reduced its staff by 13% last November.
Meta previously said that the decision to trim its workforce was meant to help the company become more efficient. Altogether, Meta eliminated 11,000 jobs in its first-ever major layoff at the end of last year.
Bloomberg released another report in February on the game plan from Meta, noting that the company is cutting whole teams it has found to be nonessential while it works to flatten its organization. Those moves are still in the works and could now affect thousands of staffers.
People familiar with the matter shared that the company has been asking directors and vice presidents for lists of positions that could be cut and employees who could be let go, the report said.
While Meta may be the world’s largest social networking company, it has been shifting its focus to its virtual reality platform, the metaverse, as advertising has slowed as of late, the source told Bloomberg.
Meta has declined to comment on the reports of the cuts after several media outlets asked for confirmation.
The company’s CEO and founder, Mark Zuckerberg, has set high hopes for the company this year, saying 2023 would be the “year of efficiency” for Meta.
While the first round of cuts was considered a surprise for many at Meta, the second round has been anticipated, according to the Bloomberg report, which also noted that morale has been low and anxiety high among workers.
Zuckerberg is expected to go on parental leave for the birth of his third child soon, and those making plans for the company’s next round of layoffs say they are hoping to get it done before he departs.
Meta isn’t the only company in the tech and entertainment sphere to have layoffs recently, as the Walt Disney Co. cut 7,000 jobs last month, Amazon cut 10,000 in November, and companies like Twitter, Microsoft, Google, Lyft, and more have also reduced staffing within the last year.
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