Meta Plans New Round Of Layoff, To Cut Thousands Of Jobs As Soon As This Week

5 Dariya News

07-Mar-2023

After sacking over 11000 jobs in November last year, it is now reported that the largest social networking platform Meta is looking forward to Layoff thousands of jobs as soon as this week in the new round of layoff in bid to become a more efficient organisation.

The fresh layoff is expected to be in addition to the 11000 employees or the 13% of its global staff that Mera had sacked in November last year. It is reported that Meta has asked the directors and vice presidents to make the lists of employees who can be fired and the new round of layoff could be finalised next week.

Also Read: After Amazon & Microsoft, Google Also Announces 12000 Layoff, Hours After Delaying In Bonuses

Mark Zuckerberg, Chief Executive Officer of Meta said in a statement, "Unfortunately, this did not play out the way I expected. Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected. I got this wrong, and I take responsibility for that."

As reported, the company is also working on flattening the organisation by giving buyout packages to managers and cutting the whole teams it deems nonessential, the move is still being finalised and could affect thousands of workforce. This is different from the round of cuts as these layoffs are driven by financial targets.

Also Read: Amazon CEO, Andy Jassy To Announce The Largest Layoff In Company