Meta likely to layoff more employees in the coming weeks: Report

Mark Zuckerberg-owned company is planning to lay off more employees in the coming week.  This will be the second round of layoffs after Meta conducted one late last year. In the first round, the company let go of 11,000 employees, constituting 13 per cent of the entire workforce.

A second round of layoffs is about to take place at Meta, the parent firm of well-known social media behemoths like Facebook and Instagram. A recent report states that Meta will let go thousands of workers as soon as this week.

According to a report by Bloomberg, thousands of Meta employees will lose their jobs this week. The report cited people familiar with the matter. The report suggests that Meta has asked directors and vice presidents to list the names of the employees that can be let go in this round of layoffs.

After Meta performed one at the end of last year, this will be the second round of cuts. 13% of the total staff, or 11,000 workers, were let go in the first round by the business. As a result of increased limitations in the targeted advertising area, Meta is seeing a slowdown in income. This has an effect on the business's advertising income. Additionally, the metaverse website is still not making any money.

2023 has been designated as the company's "year of efficiency" by Meta Founder Mark Zuckerberg. A recent performance evaluation of the staff by the business may have served as a prelude to the second round of layoffs.

In November, when Meta announced its first round of layoffs, Mark Zuckerberg held a video conference with staff members and accepted complete responsibility for the employment losses. He basically accepted responsibility for his rapid growth during the epidemic.

Meta's massive bets in the field of Metaverse have also failed to payoff their investments.  Meta has not confirmed the move officially.