Meta Platforms plans to lay off thousands more this week

Meta Platforms Inc., owner of Facebook and Instagram, is planning a new round of layoffs and will remove thousands of employees as early as this week, according to people familiar with the matter.

The world’s largest social media company is shedding more jobs, on top of a 13% reduction in November, in a bid to become a leaner organization. In its previous round of cuts, Meta laid off 11,000 workers in its first major Lay off. The company has also been working to flatten its organization, giving managers buyout packages and removing entire teams it deems non-essential, Bloomberg News reported in February, a move that is still being finalized and could affect thousands of employees.

The impending round of cuts is being driven by financial goals and is separate from “flattening,” said the people, who asked not to be named discussing internal matters. Meta, which has seen a slowdown in ad revenue and has shifted its focus to a virtual reality platform called the metaverse, has been asking directors and vice presidents to make lists of employees that can be released, people said. A Meta spokesman declined to comment on the plans on Monday.

This phase of layoffs could end in the next week, according to the people. Those working on the plan hope to have it ready before the CEO arrives. mark zuckerberg she is going on parental leave for her third child, which may be imminent, one person said.

The November cuts came as a surprise, but the Meta workforce has widely expected another round of layoffs. Zuckerberg has called 2023 the “year of efficiency” for Meta, and the company has been communicating that theme to employees during performance reviews, which were completed last week, the people said.

Workers at the Menlo Park, California-based company described increased anxiety and low morale among their colleagues of late. Some employees raised concerns about whether they would receive their bonuses, which will be distributed this month, if they lose their jobs sooner, the people said.