As per a recent report published by Bloomberg, Meta, the parent company of renowned social media platforms, including Facebook and Instagram, is preparing to undertake a second round of layoffs, potentially affecting thousands of its employees. Based on information from individuals familiar with the matter, the report indicates that Meta has instructed its directors and vice presidents to identify and list the employees who may face termination in this phase of workforce reduction.
Meta’s decelerating revenue growth, attributed to more significant constraints in the targeted advertising sector, is adversely impacting the company’s advertising earnings. Furthermore, the metaverse platform has yet to yield any revenue. In light of these challenges, Meta’s CEO, Mark Zuckerberg, has declared 2023 the organization’s ‘year of efficiency’. Additionally, the company has recently completed a performance review of its employees, which may serve as a precursor to the anticipated second round of layoffs.
This upcoming round of layoffs will be the second such instance for Meta, following a previous round last year, where the company terminated approximately 11,000 employees, which accounted for around 13% of its overall workforce. It should be noted, however, that a Meta executive has recently refuted a similar report that suggested an impending second round of layoffs.