Facebook-parent Meta Platforms is planning additional layoffs to be announced in multiple rounds over the next few months, which could match the 13% job cut tally from last year, the Wall Street Journal reported on Friday citing people familiar with the matter.
Meta let go of 11,000 employees four months ago and would be the first Big Tech company to announce a second round of mass layoffs.
The first wave of the new cuts would be announced next week and are likely to hit non-engineering roles the hardest, according to the report.
The company is also expected to shut down some projects and teams in conjunction with these cuts, the report added.
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Meta did not immediately respond to a Reuters request for comment.
In November last year, lasyoffs in Meta impacted staffers at every level and on every team. At the time, Chief Executive Officer Mark Zuckerberg also issued an apology about having to cut 13% of the workforce, telling employees he had failed to forecast Meta’s first dropoff in revenue.
Meta aggressively hired during the pandemic amid a surge in social media usage by stuck-at-home consumers. But business suffered this year as advertisers and consumers pulled the plug on spending in the face of soaring costs and rapidly rising interest rates.
