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Hank Williams
Mar 07, 2023 10:09AM ET
Tech is so over valued it hurts.
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Meta plans to cut thousands of jobs as soon as this week - Bloomberg News
Published Mar 06, 2023 09:43PM ET
Updated Mar 07, 2023 10:02AM ET
© Reuters. FILE PHOTO: The logo of Meta Platforms' business group is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman/File Photo
(Reuters) - Meta Platforms Inc (NASDAQ:META) will cut thousands of jobs as soon as this week in a fresh round of layoffs, Bloomberg News reported on Monday, only a few months after the Facebook-parent reduced more than 11,000 people from its workforce.
The new round of job cuts is being driven by financial targets and is separate from the "flattening," the report said, citing people familiar with the matter.
Meta declined to comment on the Bloomberg report when contacted by Reuters.
Last month, the Washington Post newspaper had reported that Meta was planning to cut jobs in a reorganization and downsizing effort.
Meta, at that time, declined to comment, but spokesperson Andy Stone in a series of tweets cited several previous statements by Chief Executive Officer Mark Zuckerberg suggesting that more cuts were on the way.
Meta's mass layoffs in November that cut more than 11,000 jobs was among the biggest last year and the first in the company's history. Other tech companies, including Google-parent Alphabet (NASDAQ:GOOGL) Inc and Microsoft Corp (NASDAQ:MSFT), have also cut thousands of jobs.
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Comments (4)
Dave Jones
Mar 07, 2023 8:23AM ET
fluff company based on NOTHING! It's just a stupid website with zero customer support. The Emperor wears no clothes.
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Derick Lim
Mar 07, 2023 7:56AM ET
Meta should cut 90% of jobs ......their shares might rise 50%.........
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Mar 06, 2023 10:21PM ET
let frburg rot
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