Meta To Begin Next Round Of Layoffs Next Week Amid Company Uncertainty - Reports

WASHINGTON (UrduPoint News / Sputnik - 19th May, 2023) United States-based tech company Meta (banned in Russia) will begin another round of layoffs next week, following previous job cuts in recent months and general uncertainty about the company's future, Vox reported, citing a company-wide meeting.

"The third wave is going to happen next week," Meta President of Global Affairs Nick Clegg reportedly said during the meeting on Thursday. "It's just a time of great anxiety and uncertainty."

In March, Meta chief Mark Zuckerberg announced expected layoffs in late April and May. Meta expects to reduce its team size by approximately 10,000 people, in addition to closing 5,000 unfilled positions, Zuckerberg said.

The upcoming layoffs will proceed similarly to those in April, during which 4,000 jobs were cut, Clegg said during the meeting. However, the exact scope of the new cuts is not known, the report said.

The layoffs are part of a "Year of Efficiency" for Meta proclaimed by Zuckerberg. The initiative is aimed at improving financial performance to execute the company's long-term vision, Zuckerberg said.

Meta products include social media platforms Facebook and Instagram, as well as messaging app WhatsApp.