Meta may make a second round of layoffs to meet financial goals, according to Bloomberg News. The report states that Meta, which profits heavily from advertising, now wants to focus on the “Metaverse”. The company wants to save money, so it plans to cut jobs.
First Published Mar 7, 2023, 12:47 PM IST
The season of layoffs isn’t over yet at social media giant Meta. According to reports, the Mark Zuckerberg-owned company is planning to lay off some more employees in the coming days. But you know that in the past Meta has laid off around 12,000 employees. Meta (formerly known as Facebook) gave thousands of employees “subpar ratings” in its latest performance review, signaling more layoffs in the coming months.
Meta may make a second round of layoffs to meet financial goals, according to Bloomberg News. The report states that Meta, which profits heavily from advertising, now wants to focus on the “Metaverse”. The company wants to save money, so it plans to cut jobs. According to information, the upcoming round of layoffs will be completed by next week.
Previously, managers at Meta gave nearly 10 percent of employees a rating of Meets Most, the second-lowest rating at the company. The company doesn’t give out very often. According to a company spokesperson, the ratings are clearly given to promote high quality work, long term thinking.
A report has reported that senior executives at Meta expect more employees to leave the company in the coming weeks due to low ratings. If employees do not quit voluntarily, the company may consider another round of layoffs. Ratings can have a negative effect on employees, as many may take them as a sign for new job opportunities. Meta reportedly plans to further reduce headcount to maintain efficiencies. Mark Zuckerberg says he wants 2023 to be the year of efficiency for Meta.
However, Meta did not respond to reports about the impending layoffs. Meta’s latest performance review appears to be the beginning of more layoffs at the company. As some employees are given low ratings, more of them may leave the company, leading to another round of layoffs.
