Meta Platforms Incmatrix of Facebookplans a new round of layoffs in a reorganization and downsizing effort that could affect thousands of workers, reported Wednesday the Washington Post.
The company did not immediately respond to a Reuters request for comment.
Last year, the giant of the social networks It said it would lay off 13% of its workforce, or more than 11,000 employees, as it grappled with rising costs and a weak advertising market.
Meta plans to move some leaders to lower-level positions without direct reports, flattening the layers of management between the top mark zuckerberg and company interns, the Washington Post reported, citing a person familiar with the matter.
The layoffs last year they were the first in Meta’s 18-year history. Other technology companies have cut thousands of jobs, including the matrix of Google, alphabet, Microsoft and Snap.
Meta aggressively hired during the pandemic to address the increased use of social media by consumers who couldn’t leave their homes. But business suffered in 2022, as advertisers and consumers stopped spending in the face of escalating costs and rapidly rising interest rates.
Meta, once worth more than $1 trillion, is now valued at $446 billion. Shares lost 1.2% on Wednesday.
Last year, the company said it would also reduce office space, cut discretionary spending and extend a hiring freeze until 2023 to curb spending.
in january more than 100,000 layoffs were announced in US companiesled by technology, according to a report by employment firm Challenger, Gray & Christmas.
