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

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)

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Updated: 07 Mar 2023, 09:24 PM IST
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