Meta will conduct a new round of layoffs after 13% layoffs last November

On March 7, according to people familiar with the matter, Meta is planning a new round of layoffs, with thousands of layoffs as early as this week. In the last round of layoffs with a proportion of up to 13%, Meta cut 11000 employees, which is the company’s first large-scale layoffs. The source also said that the upcoming round of layoffs was driven by its financial goals. Meta has seen the slowdown in advertising revenue and shifted its focus to a virtual reality platform called “Meta Universe”. The company has been asking directors and vice presidents to list employees who can be dismissed.

Interpretation of this information:

The tech giant Meta, formerly known as Facebook, is reportedly planning another round of massive layoffs, possibly this week, with thousands of jobs to be cut. This comes after the company’s first round of large-scale layoffs, where it let go of 11,000 employees earlier this year, amounting to 13% of its workforce. The source claims that this move is driven by financial goals and the slowdown in advertising revenue. Meta is now focused on its virtual reality platform, called the “Meta Universe,” and has been seeking inputs from directors and vice presidents to identify employees who could be dismissed.

The news of possible layoffs at Meta has sent shockwaves across the tech industry. The company, which is valued at over $1 trillion, has been going through a period of transition, with its founder and CEO Mark Zuckerberg stepping down from his position to focus on building a new company under the Meta umbrella. The move towards virtual reality is seen as a bold bet on the future of technology, but it may come at the cost of massive job cuts.

Sources close to the company have suggested that the layoffs could affect a wide range of departments, from marketing and sales to engineering and design. The move is said to be driven by Meta’s need to cut costs and focus on its new platform, which has yet to generate significant revenue. While the company has invested heavily in research and development, it has faced challenges in monetizing its products.

The news of the layoff plan has raised concerns among employees at Meta, who are already dealing with a challenging work environment. The company has faced criticism over its handling of sensitive content and user privacy, leading to several high-profile controversies. The impending job cuts are likely to add to the uncertainty and anxiety among the staff.