Meta plans to begin another round of job cuts that will see “thousands” of positions go, according to a Bloomberg report on Monday.
The efficiency cuts will follow a slew of layoffs in November when the California-based company cut 11,000 jobs worldwide, equivalent to about 13% of its workforce.
Sources with knowledge of the latest cuts told Bloomberg that Meta, which owns Facebook, Instagram, and WhatsApp, is restructuring its organization so it can focus more on developing the so-called metaverse, a world that uses virtual reality for work and play and which Meta hopes will become popular in the coming years.
It is also looking to pivot further into artificial intelligence (AI) products, with Meta CEO Mark Zuckerberg announcing at the end of last month that the company is bringing several AI specialists under one roof to form the a joint unit in a bid to “turbocharge. ” its work in a sector that has received a lot of attention in recent months.
On top of the second round of job cuts, which Bloomberg said could be confirmed within the next week, Meta is reportedly considering offering some of its managers buyout packages and may also liquidate the entire company. team in a bid to streamline its operations and cut back. cost.
When Zuckerberg announced the thousands of layoffs in November, he described the action as “some of the most difficult changes we’ve made in Meta’s history,” adding that the company is “making a lot of additional steps to become a stronger and more efficient company by cutting discretionary spending and extending our hiring through Q1.
Struggling with challenging economic conditions, Meta’s job cuts join similar moves by other technology companies including Microsoft, Alphabet, Amazon, Twitter, Dell, Yahoo, PayPal, and Spotify, among others. yet.