Meta will continue layoffs in line with ‘Year Of Efficiency’: report
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New Delhi: Perhaps workers are bracing for a fresh round of mass layoffs at social media giant Meta.
Reports indicating more job cuts at Meta come amid Mark Zuckerberg’s continuing cost cuts as part of ‘year of efficiency’ move.
The previous layoffs saw around 13 per cent of workforce leaving the company in November 2022, according to Outlook magazine.
Layoffs of 11,000 employees from Meta added to the widening pool of job loss across social media companies running into several thousands.
Other tech giants including Microsoft, Amazon and Alphabet announced mass layoffs beginning late last year, causing a ripple effect in IT sector.
Meanwhile Financial Times reported that Meta has delayed finalizing budgets for various teams.
It is not yet known if the delay has to do with the upcoming layoff in the company.
The looming reports of layoffs comes in the way of managers planning their workloads, thus resulting in what the report said, “ zero work” being done.
Alongside, projects that otherwise takes just only a few days to finish are running into weeks and months, according to the report.
Mark Zuckerberg earlier this year announced 2023 to be the ‘year of efficiency’ aiming at limiting annual expenses between $89 billion and $95 billion.
Subsequent cost cutting reportedly helped improving Meta’s outlook in its fourth quarter, garnering an 18 per cent hike in its shares.
This has also caused an $88 billion to its market capitalisation.