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Meta plans fresh round of job cuts months after laying off over 11,000 workers


After firing more than 11,000 employees towards the end of last year, Facebook Parent company Meta is now planning a fresh round of job cuts. According to reports, the ongoing reorganisation and downsizing effort could affect thousands of workers. 

According to a Washington Port report citing people familiar with the matter, the company is also planning to push some leaders into lower-level roles without direct reports – essentially flattening the layers of management between top boss Mark Zuckerberg and the company’s interns.

The company hired 

Tens of thousands of tech 

Last year’s layoffs were the first in Meta’s 18-year history. Other tech companies have cut thousands of jobs, including Google parent Alphabet, Microsoft Corp and Snap Inc.

Meta aggressively hired during the pandemic to meet a surge in social media usage by stuck-at-home consumers. But business suffered in 2022 as advertisers and consumers pull the plug on spending in the face of soaring costs and rapidly rising interest rates.

Meta, once worth more than $1 trillion, is now valued at $446 billion. Shares lost 1.2% on Wednesday.

Last year the company said it would also reduce office space, lower discretionary spending and extend a hiring freeze into 2023 to rein in expenses.

 

Last year’s layoffs were the first in Meta’s 18-year history. Other tech companies have cut thousands of jobs, including Google parent Alphabet, Microsoft Corp and Snap Inc.

Meta aggressively hired during the pandemic to meet a surge in social media usage by stuck-at-home consumers. But business suffered in 2022 as advertisers and consumers pull the plug on spending in the face of soaring costs and rapidly rising interest rates.

Meta, once worth more than $1 trillion, is now valued at $446 billion. Shares lost 1.2% on Wednesday.

Last year the company said it would also reduce office space, lower discretionary spending and extend a hiring freeze into 2023 to rein in expenses.

More to come…

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