Active Stocks
Wed May 22 2024 15:59:56
  1. Tata Steel share price
  2. 173.30 -0.57%
  1. ITC share price
  2. 439.75 1.10%
  1. State Bank Of India share price
  2. 819.30 -1.35%
  1. NTPC share price
  2. 373.40 0.40%
  1. Kotak Mahindra Bank share price
  2. 1,700.40 0.19%
Business News/ News / Latest layoffs at Meta driven by financial targets, not 'flattening'
BackBack

Latest layoffs at Meta driven by financial targets, not 'flattening'

Meta Platforms Inc's recent layoffs are driven by financial targets not ‘flattening’

Meta is planning to cut thousands of jobs (REUTERS)Premium
Meta is planning to cut thousands of jobs (REUTERS)

In a fresh round of layoffs, Meta Platforms Inc is planning to layoff thousands as soon as this week, Bloomberg News reported on Monday. The new round of job cuts is being driven by financial targets and is separate from the "flattening," the report said, citing people familiar with the matter.

The layoffs at Meta come only a few months after the Facebook parent reduced more than 11,000 people from its workforce.

Meta, which has seen a slowdown in advertising revenue and has shifted focus to a virtual-reality platform called the metaverse, has been asking directors and vice presidents to make lists of employees that can be let go, people who are privy to the developments said.

It was reported last month that Meta was considering downsizing and reorganizing. Although Meta declined to comment at that time, spokesperson Andy Stone tweeted several of CEO Mark Zuckerberg's previous statements indicating that more layoffs were likely in the future.

Meta made headlines last year for conducting one of the largest layoffs of the year, cutting over 11,000 jobs. It was also the first time in the company's history that such a massive reduction had taken place.

Notably, other tech giants such as Alphabet Inc (Google's parent company) and Microsoft Corp have also downsized, resulting in thousands of job losses.

(With agency inputs)

You are on Mint! India's #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 07 Mar 2023, 08:32 PM IST
Next Story footLogo
Recommended For You