Facebook is about to lay off thousands of employees

After a 13% reduction in staff in November last year, the world’s largest social network wants to continue to lay off thousands of employees to increase the company’s performance. According to the source, Bloomberg said Meta is “flattening” the company structure – reducing the number of management levels and eliminating unnecessary parts. This is underway and could affect thousands of workers.

The reason for the cuts this time is to achieve financial goals, not related to the “flattening” plan above. Meta recently recorded a drop in ad revenue and is shifting its focus to the metaverse.

Meta is said to have asked executives to list employees that could be cut. A spokesperson for Meta declined to comment on the reports.

In early February, Meta reported that the company’s revenue fell 1% to $116.6 billion in 2022. This is the first time the company’s revenue has declined since going public in year 2012.

CEO Mark Zuckerberg highlighted Meta’s 2023 management theme as the “Year of Efficiency”, whereby the company’s leadership will strive to become “a stronger and more resilient organization”. He said Meta is working on eliminating layers of middle management, as well as implementing AI tools to help engineers work more efficiently. In addition, Meta will also be more active when it comes to cutting down inactive or non-priority projects.

In November 2023, Meta announced that it would lay off 11,000 people – or 13% of its total staff. This is the largest staff reduction in Meta’s history to date.