: Meta poised to cut thousands more jobs in new round of layoffs: report

by | Mar 6, 2023 | Stock Market

Facebook and Instagram parent company Meta Platforms Inc. is preparing a new round of layoffs, according to a new report, just four months after slashing 13% of its workforce. Bloomberg News reported Monday night that the latest round of cuts will affect thousands of Meta workers and could be announced as soon as this week. The layoffs are said to be separate from a “flattening” of managers and teams deemed nonessential, which Bloomberg reported in February and is still pending.

In November, Meta laid off more than 11,000 employees, its largest round of cuts ever, in a bid to become a “leaner” company amid a sharp drop in advertising revenue. At the time, co-founder and Chief Executive Mark Zuckerberg said Meta had grown too quickly during the pandemic, saying: “I got this wrong, and I take responsibility for that.” According the Bloomberg report Monday, Meta is aiming to finalize the latest layoff plans before Zuckerberg goes on paternity leave for his third child, which is expected soon. Meta reportedly completed performance reviews last week, and Bloomberg reported some employees are worried the layoffs will come before annual bonuses are handed out later this month. In February, the Financial Times reported Meta workers were “demoralized” and that little work was getting done amid the cuts. Meta shares
have surged 54% year to date, and are down 1.4% over the past 12 months, compared to the S&P 500’s
5.4% advance in 2023 and 3.6% decline over the past year.

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