Meta Platforms Inc., the owner of Facebook and Instagram, is planning a new round of layoffs and will lay off thousands of employees as soon as this week, according to people familiar with the matter.
The world’s largest social networking company is eliminating more jobs, with 13% cut in November, in an effort to become a more efficient organization. In its first round of cuts, Meta laid off 11,000 workers, its first major layoff. The company is also working to flatten its organization, offering buyout packages to managers and entire teams deemed non-essential, Bloomberg News reported in February, a move that is still being finalized and May affect thousands of employees.
The impending round of cuts is being driven by financial targets and is far from “flat”, said the people, who asked not to discuss internal matters. Meta, which has seen a slump in advertising revenue and a focus on a virtual-reality platform called Metaverse, is asking directors and vice presidents to make lists of employees who could be let go, the people said. A Meta spokesman declined to comment on the plans on Monday.
According to people, this phase of retrenchment could be finalized in the next week. One person said people working on the plan are hoping to have it ready before Chief Executive Mark Zuckerberg goes on parental leave to have his third child.
The November cuts were a surprise, but another round of firings has been widely anticipated by the Meta workforce. Zuckerberg has dubbed 2023 Meta’s “year of efficiency,” the people said, and the company is conveying that theme to employees during a performance review, which was completed last week.
Employees at the Menlo Park, California-based company recently described increased anxiety and low morale among co-workers. Some employees expressed concern about whether they would receive their bonuses, which are set to be distributed this month, if they lose their jobs, the people said.
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