Meta planning thousands of more cuts after widespread layoffs, report says

Meta plans different circular of layoffs that could impact thousands of workers, according to a Bloomberg News report published Monday evening.

The occupation cuts could commencement this week and correspond an further circular of layoffs, adding to the 13% of Meta workers who were laid disconnected arsenic portion of a large cost-cutting program announced successful November.

A Meta spokesperson declined to remark to CNBC astir the report.

Meta CEO Mark Zuckerberg has antecedently indicated that the societal networking elephantine would beryllium concentrating this twelvemonth connected efforts intended to little the company's costs, pitching 2023 arsenic the "Year of Efficiency." He told analysts successful February that Meta is focused connected "cutting projects that aren't performing oregon whitethorn nary longer beryllium crucial" and that it plans connected "removing layers of mediate absorption to marque decisions faster."

The cost-cutting efforts travel astatine a challenging clip for the user exertion company, which said its outgo and expenses jumped 22% year-over-year to $25.8 cardinal during the 4th quarter portion wide income dropped 4% to $32 billion.

Meta's halfway online advertizing concern continues facing hurdles due to the fact that of factors including a tough integer advertizing market, the lingering effects of Apple's 2021 iOS privateness update and accrued contention from the ByteDance-owned TikTok.

Meanwhile, the institution continues to heavy put successful processing the metaverse, which Meta believes could correspond the adjacent frontier for mainstream computing. The company's Reality Labs division, which is tasked with gathering the virtual world and augmented world technologies needed for the metaverse, brought successful $727 cardinal successful gross during the 4th quarter, but besides recorded a $4.28 cardinal operating loss.

Zuckerberg has said that he would "take accountability" for the company's antecedently announced cost-cutting plans, saying that helium views layoffs "as a past resort."

"We're restructuring teams to summation our efficiency," Zuckerberg said past autumn erstwhile Meta announced layoffs. "But these measures unsocial won't bring our expenses successful enactment with our gross growth, truthful I've besides made the hard determination to fto radical go."

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