Facebook-parent Meta Platforms Inc is planning a fresh round of job cuts in a reorganization and downsizing effort that could affect thousands of workers, the Washington Post reported on Wednesday.
The company did not immediately respond to a Reuters request on comment.Last year,the social media giant said it will let go for 13 per cent of its workforce,or more than 11,000 employees,as it grappled with soaring costs and a weak advertising market.
Meta plans to push some leaders into lower-level roles without the direct reports,flattening the layers of management between top boss Mark Zuckerberg and the company`s interns, the Washington Post reported, citing a person familiar with the matter.
Last year’s layoff were the first in the Meta’s 18-year history.Other tech companies have cut thousands of jobs,including Google parent Alphabet,Microsoft Corp and Snap Inc.Meta aggressively hired during the pandemic to meet surge in social media usage by stuck-at-home consumers. But business took a hit in 2022 as advertisers and consumers stopped spending amid rising costs and rapidly rising interest rates.Where once he was worth over $1 trillion, now he’s worth $446 billion.
The stock fell 1.2% on Wednesday.Last year,the company said it would shrink office space, cut discretionary spending, and extend a hiring freeze through 2023 to keep spending in check. More than 100,000 American companies announced layoffs in January,mostly at tech companies, according to a report by staffing firm Challenger Gray & Christmas.
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