Business Standard

Meta may lay off another 11K or so employees in March, says report

Meta (formerly Facebook) is set for another big round of layoffs -- similar to the one it announced in November last year -- as early as next month once the performance bonuses are paid out

Photo: Bloomberg

Photo: Bloomberg

IANS San Francisco
Meta (formerly Facebook) is set for another big round of layoffs -- similar to the one it announced in November last year -- as early as next month once the performance bonuses are paid out, the media reported.
According to Command Line, a weekly newsletter by The Verge, Meta leadership "has been coy both internally and externally about what is coming".
The report said late on Thursday that the upcoming layoffs can be "somewhere in the ballpark of the last layoff, which was about 11,000 people or 13 per cent of the company".
The current plan at the social network "is to announce more cuts in March after last year's performance bonuses are paid out".
Meta has reportedly given thousands of employees "subpar ratings" in a latest round of performance reviews.
The Wall Street Journal, citing people familiar with the matter, reported last week that the leadership at Meta "expects the ratings to lead more employees to leave in the coming weeks".
"The company will consider another round of layoffs if not enough depart," according to the report.
Zuckerberg told investors last month that the company is "working on flattening our organisation structure and removing some layers of middle management to make decisions faster as well as deploying AI tools to help our engineers be more productive".
After firing 11,000 employees in November last year, Meta is now planning to reduce headcount further in its "year of efficiency".
Meta did not comment on reports about upcoming layoffs.
--IANS
na/dpb
 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Feb 24 2023 | 11:07 AM IST

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