Meta Platforms Inc. is planning to cut thousands of jobs as early as this week, according to Bloomberg sources.
The expected layoffs are in addition to the more than 11,000 jobs Meta eliminated in November.
According to Bloomberg, the additional job cuts are part of Meta's efforts to shift to a "more efficient organization."
- Sources said executives would seek to finalize the layoff plans in the next few days, before CEO Mark Zuckerberg goes on parental leave. Zuckerberg and his wife Priscilla Chan are expecting a third child soon.
- A Meta spokesperson declined to comment but cited prior comments by Zuckerberg about Meta's plans to make 2023 the "Year of Efficiency."
- The social network plans to be "more proactive" in making cuts to underperforming projects or those that aren't as "crucial," the CEO said at the time.
Previous reports said Meta could announce job cuts after it completes staff performance reviews in March.
- In February, Meta reported $32.2B in revenue, marking a 4% drop from the year earlier and its third straight quarter of falling sales.
