Meta Platforms Inc, formerly known as Facebook Inc, is set to cut thousands of jobs in a new round of layoffs, Bloomberg News reported on Monday. The job cuts will take place this week and are being driven by financial targets, according to sources familiar with the matter.
This comes just a few months after the company reduced its workforce by more than 11,000 people, in what was among the largest mass layoffs last year and the first in the company’s history. Other tech giants such as Google-parent Alphabet Inc and Microsoft Corp have also cut thousands of jobs in recent years.
The news of the latest round of job cuts at Meta is not unexpected. Last month, The Washington Post reported that the company was planning to cut jobs in a reorganization and downsizing effort. At the time, the company declined to comment, but spokesperson Andy Stone recently tweeted several statements made by CEO Mark Zuckerberg that suggested more cuts were on the way.
Despite facing criticism and regulatory scrutiny over its business practices, Meta has continued to report strong financial results. In its most recent earnings report, the company reported revenue of $38.3 billion for the fourth quarter of 2022, up 33% from the same period a year earlier.
The company is also facing a series of antitrust lawsuits filed by the US government and several state attorneys general. The lawsuits allege that Meta has engaged in anticompetitive behavior and violated antitrust laws by acquiring smaller competitors to maintain its dominance in the social media market. Meta has denied the allegations and is currently fighting the lawsuits in court.
In addition to the antitrust lawsuits, Meta has faced criticism over the spread of misinformation and harmful content on its platforms. The company has taken steps to address these issues, such as introducing new tools to detect and remove harmful content, and partnering with fact-checkers and independent researchers to improve the accuracy of information on its platforms.
The latest round of layoffs at Meta is expected to affect employees across various departments and locations, though it is not yet clear which specific departments or locations will be impacted. The company has not yet commented on the reports of the layoffs.
The job cuts are part of a broader trend in the tech industry, as companies seek to streamline operations and cut costs in the face of economic uncertainty and increased competition. Despite the challenges, Meta and other tech giants are expected to continue to play a dominant role in the global economy, as technology continues to transform industries and reshape the way people live and work.