Meta To Layoff Thousands Of Jobs To Meet Financial Target

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California, 8th March 2023: Meta Platforms Inc., is reportedly planning a new round of layoffs and may fire hundreds of employees around this week.

The largest social networking company in the world is eliminating further roles in addition to the 13% reduction in November to optimize its operations. Meta’s prior round of layoffs resulted in the termination of 11,000 employees, which was a huge mass dismissal.

Bloomberg News reported in February that the company has also been attempting to simplify its organizational structure by providing buyout incentives to managers and eliminating entire departments that it deems superfluous. This change, which is still being finalized, may affect thousands of workers.

According to the report, the upcoming round of cuts is motivated by financial objectives rather than the “flattening” process. Meta has been asking directors and vice presidents to develop a list of employees who may be let go because advertising revenue has slowed and the company’s attention has shifted to a virtual reality platform called the metaverse.

The next week could see the end of this phase of layoffs.