Meta, Facebook’s parent company, is reportedly facing a new round of layoffs, with plans to cut a large number of jobs.
This news comes as the budget for Meta’s teams is being finalized. According to the Financial Times, the company is reevaluating its growth plans, which has resulted in a decision to reduce staff. According to the Financial Times, there has been a “lack of clarity about budgets or future headcount in recent weeks,” citing sources.
The company has not yet provided specific details on how many jobs will be cut or which teams will be affected. However, sources say that the cuts are expected to impact a wide range of departments and could affect both full-time and contract employees.
Meta has faced challenges in recent years, prompting it to cut over 11,000 jobs, or 13% of its workforce, in November. The difficulties stem from increased competition from rivals as well as the need to navigate shifting consumer behavior.
Meta is also rethinking its expansion strategy, which will result in staff reductions across the board, affecting both full-time and contract employees. There have been no specifics provided as to how many jobs will be affected.
The sources for this piece include an article in Reuters.