Meta plans fresh round of job cuts months after laying off over 11,000 workers
1 min read 22 Feb 2023, 09:09 PM ISTAccording to reports, the ongoing reorganisation and downsizing effort could affect thousands of workers.
PremiumAfter firing more than 11,000 employees towards the end of last year, Facebook Parent company Meta is now planning a fresh round of job cuts. According to reports, the ongoing reorganisation and downsizing effort could affect thousands of workers.
According to a Washington Port report citing people familiar with the matter, the company is also planning to push some leaders into lower-level roles without direct reports - essentially flattening the layers of management between top boss Mark Zuckerberg and the company's interns.
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The company had hired aggressively during the COVID-19 pandemic amid a surge in social media usage by homebound consumers. But business had suffered as advertisers and consumers pull the plug on spending in the face of soaring costs and rapidly rising interest rates. Last year's layoffs were the first in Meta's 18-year history.
In recent months tens of thousands of people have been laid off by tech giants including Google parent Alphabet, Microsoft Corp and Snap Inc.
Meta had previously announced plans to reduce office space, lower discretionary spending and extend a hiring freeze into 2023 to rein in expenses. Once worth more than $1 trillion, the company is now valued at $446 billion.
More to come…
