Facebook-parent Meta Platforms Inc is planning a new round of job cuts in a restructuring and downsizing effort that could affect thousands of workers, the Washington Post reported on Wednesday.
The company did not immediately respond to a Reuters request for comment.
Last year, the social media giant said it would let go of 13 percent of its workforce, or more than 11,000 employees, as it grapples with rising costs and a weak advertising market.
The plan is to push some leaders into lower-level roles without direct reports, flattening the layers of management between top boss Mark Zuckerberg and the company’s interns, The Washington Post reported, citing a person familiar with the matter.
Last year’s layoffs were the first in Meta’s 18-year history. Other tech companies that have cut thousands of jobs include Google parent Alphabet, Microsoft Corp and Snap Inc.
Meta aggressively hired during the pandemic to meet the increase in social media use by consumers stuck at home. But business suffered in 2022 as advertisers and consumers held back spending due to rising costs and rapidly rising interest rates.
Meta, once worth over $1 trillion, is now valued at $446 billion. Shares fell 1.2 percent on Wednesday.
Last year, the company said it would also reduce office space, reduce discretionary spending and extend a hiring freeze through 2023 to rein in expenses.
More than 100,000 layoffs were announced at US companies in January, led by technology companies, according to a report by employment firm Challenger, Gray & Christmas Inc.
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