Meta Platforms Inc will cut thousands of jobs as soon as this week in a new round of layoffs, just a few months after the Facebook-parent cut more than 11,000 workers from its workforce.
The latest round of job cuts, as reported by Bloomberg News is being driven by financial targets.
Meta laid off 11,000 employees in November 2022, accounting for roughly 13% of its workforce, as it deals with declining revenue and wider tech industry woes. The layoffs happened just a week after Twitter’s new owner, billionaire Elon Musk, laid off a large number of employees.
Numerous employment cuts have also occurred at other tech firms that hired rapidly during the COVID pandemic.