By news section
Meta, the parent company of Facebook, WhatsApp and Instagram, is planning to lay off thousands of employees once again, it has been reported. The layoffs are said to take place this week.
Meta, the world’s largest social networking company, is said to be laying off more than the 13 percent of its workforce it did in November 2022 as part of its management’s economic reforms. Earlier, Meta had cut an unprecedented 11,000 jobs during its previous downsizing. Bloomberg reported in February that the company was already in the process of eliminating redundant teams as part of a management overhaul. The move could lead to thousands of employee job losses when finalized.
Those in the know say the layoffs are due to economic losses and are not related to administrative reforms. After seeing a decline in ad revenue, Meta Company has begun to focus on a virtual reality platform called “MetaWares”. In this situation, the directors and vice-presidents of the company have been asked to prepare a list of those who can leave the company.
The layoff is likely to be finalized next week. Plans are ready for that. The move comes before Meta CEO Mark Zuckerberg goes on vacation, according to people familiar with the matter.
And they were surprised by the layoffs last November. By now many were waiting for it. Mark Zuckerberg has declared 2023 as the “year of performance”. This was informed to the employees at the company’s review meeting last week, they said.