Facebook owner Meta preparing for fresh round of job cuts, reports say

Reuters

Facebook-parent Meta is planning a fresh round of job cuts in a reorganisation and downsizing effort that could affect thousands of workers, the Washington Post has reported.

The company did not immediately respond to a request for comment on Wednesday.

Last year, the social media giant said it will let go of 13 per cent of its workforce, or more than 11,000 employees, as it grappled with soaring costs and a weak advertising market.

In November 2022, the firm told the Irish Government it planned to cut roughly 350 jobs at its European headquarters in Dublin. It is not yet clear how many Ireland-based roles are at risk in the latest round of cuts.

Meta plans 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 have cut thousands of jobs, including Google parent Alphabet, Microsoft and Snap.

Meta aggressively hired during the pandemic to meet a surge in social media usage by stuck-at-home consumers. But business suffered in 2022 as advertisers and consumers pull the plug on spending in the face of soaring costs and rapidly rising interest rates.

Meta, once worth more than $1 trillion, is now valued at $446 billion. Shares lost 1.2 per cent on Wednesday.

Last year the company said it would also reduce office space, lower discretionary spending and extend a hiring freeze into 2023 to rein in expenses.

More than 100,000 layoffs were announced at US companies in January, led by technology companies.