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More Meta Heads on the Chop Block


FILE: Image of company logo at Meta facility in Toulouse, France. Taken Jan. 12, 2023.
FILE: Image of company logo at Meta facility in Toulouse, France. Taken Jan. 12, 2023.

Facebook-parent Meta Platforms Inc. is planning a fresh round of job cuts in a reorganization and downsizing effort that could affect thousands of workers, the Washington Post reported on Wednesday.

Meta declined a Reuters request for comment, but spokesperson Andy Stone in a series of tweets cited several previous statements by Zuckerberg suggesting that more cuts were on the way.

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

Zuckerberg told investors earlier this month that last year's layoffs were "the beginning of our focus on efficiency and not the end." He said he would work on "flattening our org structure and removing some layers of middle management."

Last year, the social media company sacked 13% of its workforce - more than 11,000 employees - as it grappled with soaring costs and a weak advertising market.

Meta now plans to push some leaders into lower-level roles without direct reports, flattening the layers of management between top boss Mark Zuckerberg and the company's interns, the Washington Post reported, citing a person familiar with the matter.

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

Meta, once worth more than $1 trillion, is now valued at $446 billion.

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