Friday, September 29, 2023

Meta Platforms Inc. Planning Another Round of Layoffs, Could Cut Thousands of Jobs


Meta Platforms Inc., the parent company of Facebook and Instagram, is planning another round of layoffs that could cut thousands of workers as early as this week, according to people familiar with the matter.

The world’s largest social media company cut its workforce by more than 13% in November in a bid to become a more efficient organization. In a previous round of layoffs, Meta cut 11,000 jobs, its first major layoff. The company is also moving to flatten its organization, offering executives a buyout package and cutting entire teams it deems unnecessary, a move that is still being finalized and could affect thousands of employees. Bloomberg News reported in February.
The next round of cuts are driven by financial goals and are separate from “flattening”, said the people, who asked not to be named. Meta, which has seen its advertising revenue slow and has focused on a virtual reality platform called metaverse, has asked directors and vice presidents to draw up a list of employees it can fire, said people familiar with the matter. A spokesperson for Meta declined to comment on the plans on Monday.

According to informed sources, the layoffs at this stage could be completed next week. Those working on the plan want to be ready before chief executive Mark Zuckerberg takes parental leave for his third child, which could be imminent, one of the people said.
The November layoffs came as a surprise, but another round of layoffs is widely expected among Meta staff. Zuckerberg calls 2023 Meta the “year of efficiency,” a theme the company conveyed to employees in a performance review it completed last week, the people said.

Employees at the Menlo Park, Calif.-based company recently described heightened anxiety and low morale among co-workers. Some employees are worried about whether they will receive their bonuses due this month if they lose their jobs early, the people said.

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