According to media reports, Meta Platforms, Facebook’s parent company, is planning additional job cuts over several rounds in the coming months, according to The Wall Street Journal (WSJ).
According to people familiar with the situation, the additional layoffs will be announced in multiple rounds over the coming months and will be roughly the same magnitude as the 13% cut to its workforce last year.
Last year, Meta cut approximately 11,000 jobs, or roughly 13% of its workforce. According to the people, the reductions this year are expected to reach the same proportion of those who remain, though the final count of the cumulative cuts expected over the second quarter is not yet known.
After-hours trading in Meta shares increased by more than 2% after The Wall Street Journal reported the planned layoffs.
Meta Chief Executive Mark Zuckerberg previously said that 2023 would be a “year of efficiency” at Meta and that some projects would likely shut down at the company.
The company sought to encourage further attrition through the performance review process, reported WSJ.