Meta Platforms Inc., the parent company of Facebook and Instagram, is considering a fresh round of layoffs and is planning to cut thousands of employees this week.
This would follow a 13 percent reduction in the workforce in November 2022, which was done to make Meta an efficient organization.
The November layoffs affected employees across departments and regions, and recruitment and business teams were more affected. People who were not affected much were engineers working on projects related to the metaverse. Meta has been working to flatten the organization, giving buyout packages to managers and cutting whole teams that it deems non-essential.
The upcoming round of layoffs is being driven by financial targets and is separate from the ‘flattening’,. They said that Meta has seen a slowdown in advertising revenue and is now shifting focus to metaverse and has been asking directors and vice presidents to present a list of employees that can be terminated.

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