Meta laid off more than 11,000 employees in its biggest round of layoffs ever in November 2022.
American multinational tech giant Meta is preparing for a fresh round of layoffs that could impact thousands of employees, The Washington Post reported. The Mark Zuckerberg-led company also plans to push some managers into lower roles, the report added.
In addition to this, the report noted that some converted Meta employees would eventually quit, reducing the workforce organically. Additionally, the parent company of social media majors Facebook, Instagram, and WhatsApp is considering some traditional cuts like trimming down some projects and jobs.
The reorganization and downsizing measure will not happen in one day and is expected to roll out in the coming months, across various divisions and around the globe. There is no official confirmation from the company yet.
In November last year, Meta laid off more than 11,000 employees or almost 13% of its workforce in its biggest round of layoffs ever. Then the company also announced to freeze new hiring.
Calling 2023 “the year of efficiency,” Meta chief Mark Zuckerberg said earlier this month to bring the company’s costs under control. The California-headquartered company earlier reportedly delayed finalizing the budgets of several of its teams, fuelling speculations of another round of layoffs by the company in March.
According to a Reuters report, the tech major expects to bring down its expenses to between $89 billion and $95 billion this year. This is a decline from its previous outlook of $94 billion to $100 billion.
Earlier this month, Meta rolled out a new subscription service called Meta Verified for users in Australia and New Zealand. The service will offer Instagram and Facebook users coveted verified blue tick marks.
The speculated paid verification subscription service announcement came just months after Twitter’s overhaul of its subscription service, Twitter Blue. Also, the service is coming at a time when businesses across the world, especially in the tech sector, are struggling to stay afloat amid a grim global economic outlook.