Mass layoffs continue at Meta. The third round of layoffs will reportedly begin next week. The layoffs could affect thousands of employees. Meta global affairs president Nick Clegg said the layoffs will affect everyone on the teams. However, the exact number of exiting employees has not been confirmed, but the company is tipped to lay off around 6,000 employees this time. Meta cut 11,000 jobs in November last year. Meta CEO Mark Zuckerberg announced in March that the company plans to cut 10,000 jobs by the end of May. Later, Meta laid off about 4,000 employees.
Meta cut 13 percent of its workforce, or about 11,000 jobs, in November and froze hiring in the first quarter. Meta’s shares are up nearly 80% this year after Meta said earlier it would shed middle managers. This was after it was discovered that there was no longer a need for special people for supervision. The company faced a decline in annual sales in 2022 as ad revenue fell. Zuckerberg has shifted the company’s focus and investment to virtual reality technology and the metaverse, which he believes will be the next major computing platform.
As a result of these changes, Meta is streamlining its operations and reducing its workforce. The company began cutting jobs as early as last November when it had more than 87,000 employees. While the company did not disclose how many jobs it will cut, it is clear that the focus is on becoming more efficient and agile in response to changing market conditions.