Mark Zuckerberg, chief executive officer of Meta Platforms Inc, left, arrives at federal court in San Jose, California, US, Tuesday, December 20, 2022.
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meta According to Bloomberg News, there are plans for another round of layoffs that could affect thousands of workers. reports Published on Monday evening.
The job cuts could begin this week and represent an additional round of layoffs, adding to the 13% of Meta workers who were laid off as part of a major cost-cutting plan. announced in November.
A META spokesperson declined to comment to CNBC about the report.
meta ceo Mark Zuckerberg previously indicated that the social networking giant would focus on the company’s efforts to reduce costs this year, 2023″year of efficiencyHe told analysts in February that Meta is focused on “cutting projects that are not performing or may no longer be important” and that it plans on “removing layers of middle management to make faster decisions”. Used to be.
The cost-cutting efforts come at a challenging time for the consumer technology company, which said its costs and expenses soared 22% year over year. $25.8 billion during the fourth quarter While total sales fell 4% to $32 billion.
Meta’s core online advertising business is facing constraints for a number of reasons, including a tough digital advertising marketlingering effects of AppleK 2021 iOS privacy update and increased competition from ByteDance-owned TikTok.
Meanwhile, the company continues to invest heavily in the development of the Metaverse, which Meta believes could represent the next frontier for mainstream computing. The company’s Reality Labs division, which is tasked with building the virtual reality and augmented reality technologies needed for the Metaverse, brought in $727 million in revenue during the fourth quarter, but also posted a record Operating loss of $4.28 billion,
Zuckerberg has said He will “take accountability” to the company’s previously announced cost-cutting plans, adding that it viewed layoffs “as a last resort”.
“We are restructuring our teams to increase efficiency,” Zuckerberg said last fall when Meta announced layoffs. “But these measures alone will not bring our expenses in line with our revenue growth, so I have also made the difficult decision to let people go.”
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