Meta Platforms Inc., the owner of Facebook and Instagram, is planning another round of layoffs and will lay off thousands of employees as early as this week, according to people familiar with the matter. The world’s largest social networking company is cutting more jobs, in addition to a 13% cut in November, in an effort to become a more efficient organization.
In its earlier round of cuts, Meta laid off 11,000 workers, its first ever major layoffs. The company is also working to flatten its organization, giving executives buyout packages and cutting entire teams it deems nonessential, a move that is still being finalized and could affect thousands of employees.
The upcoming round of cuts is driven by financial goals and is separate from a “flattening,” said the people, who spoke on condition of anonymity to discuss internal matters. Meta, which has seen advertising revenue slow and moved to a virtual reality platform called metaverse, has asked directors and vice presidents to create lists of employees who can be laid off, the people said. A Meta spokesman declined to comment on the plans on Monday.
That phase of layoffs could be completed next week, according to the people. Those working on the plan hope to have it ready by the time CEO Mark Zuckerberg goes on parental leave for his third child, which could be imminent, one of the people said.
The November cuts came as a surprise, but Met staff widely expected another round of layoffs. Zuckerberg called Meta 2023 “the year of efficiency,” and the company communicated that theme to employees during a performance review that was completed last week, the people said.
Workers at the Menlo Park, California company have recently described increased anxiety and low morale among colleagues. Some employees have expressed concern about whether they will receive their bonuses due this month if they lose their jobs early, the people said.
