Meta Prepares Additional Restructuring... 10% of Employees Fail Evaluations

[Asia Economy New York=Special Correspondent Joselgina] Facebook's parent company Meta Platforms is reported to be preparing a second round of restructuring following last November.

[Image source=Reuters Yonhap News]

The Wall Street Journal (WSJ) reported on the 17th (local time), citing sources, that Meta recently gave thousands of employees a failing grade equivalent to the lowest rating in a performance evaluation. This is seen as a sign of additional workforce reductions to come. A source said, "Many employees will leave within weeks." It is known that about 10% of the total employees received the low evaluation equivalent to a failing grade.

Meta's revenue in the fourth quarter of last year was $32.17 billion, continuing a quarterly decline since the second quarter of the same year. In response, CEO Mark Zuckerberg defined 2023 as the "Year of Efficiency" during the earnings announcement, hinting at further restructuring. At that time, he stated plans to reduce middle management and exit unprofitable businesses. Previously, in November last year, Meta laid off 11,000 employees, accounting for 13% of its workforce.

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