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Meta Platforms Inc is planning a second layoff, laying off thousands of employees as early as this week. This was reported by Bloomberg citing knowledgeable sources, Ukrinform reports.
This was reported by Bloomberg citing knowledgeable sources, Ukrinform reports.
The Facebook and Instagram owner is said to be laying off more workers in addition to the 13% cut in November to make the company more efficient.
In the previous round of layoffs, Meta laid off 11,000 employees, the first major layoff. The company is also working to simplify its organizational structure, providing buyout packages to executives and laying off any teams it deems necessary. The move is still being finalized and could affect thousands of employees.
The inevitable cutbacks are driven by financial goals, the agency wrote, citing sources.
Faced with slowing ad revenue and focusing on a virtual reality platform it calls the metaverse, Meta asked CEOs and vice presidents to prepare lists of employees to be laid off. Sources said this phase of layoffs could be completed next week.
Company officials do not comment on this information.
As reported by Ukrinform, in February of this year, Zoom company laid off 15% of its staff – 1,300 people – due to reduced demand for its services.
Source: Ukrinform
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