Meta's Second Layoff After Cutting Over 10,000 Employees: "Thousands More to Be Laid Off"

Meta, the company operating Facebook, is planning new layoffs and is expected to cut thousands of jobs as early as this week, Bloomberg reported on the 7th (local time).

The outlet cited sources saying that Meta, which conducted its first large-scale layoff of 11,000 employees (13% of its total workforce) last November, has begun a second round of additional layoffs. According to sources, this round of layoffs is expected to be completed before Meta CEO Mark Zuckerberg goes on parental leave.

Another source stated that this reduction in workforce is being carried out by the finance team, separate from the 'flattening of the organizational structure' announced by CEO Zuckerberg last month. The company has reportedly recently asked executives, including vice presidents, to submit lists of employees to be laid off.

Meta’s layoffs stem from deteriorating performance and financial structure. While advertising revenue, the core source of income, has sharply slowed, the company has continued heavy investments in new businesses such as the 3D virtual world Metaverse to diversify beyond social media, causing profits to plummet.

Ongoing restructuring and growing concerns about future workforce management have lowered employee morale. Bloomberg reported that whether the bonuses scheduled for the end of this month will be paid properly is the employees’ biggest concern.

During the earnings conference call on the 2nd of last month, CEO Zuckerberg said, "This year is the 'year of efficiency,' and we are focusing on becoming a stronger and more agile organization." Some foreign media outlets, including Business Insider, interpreted this as a message hinting at additional layoffs.

At that time, CEO Zuckerberg stated, "We are flattening the organizational structure and removing some middle managers to make decision-making faster." Recently, Bloomberg reported that Meta asked many managers who no longer have team members due to resignations to either transition from management roles to individual contributor roles or leave the company.

This content was produced with the assistance of AI translation services.