Meta Platforms Inc., the parent company of Facebook and Instagram, is planning to lay off once again. The company may announce the layoff of thousands of employees this week. Sources close to the matter gave this information on Tuesday. The world's largest social networking company laid off 13% of its employees in November in a bid to become a better organization than ever before. Now the company is going to cut more jobs. In the first round of layoffs, Meta laid off 11,000 employees.
This was the first major layoff by the company. According to sources, Meta is undertaking massive cost- cutting to meet its financial targets. For this, meta is insisting on retrenchment. There has been a huge decrease in Meta's advertising revenue. It has shifted its focus to the virtual- reality platform 'Metaverse'. In such a situation, Meta has asked the top officials of the company to prepare a list of such employees.