Facebook and Instagram parent company Meta Platforms Inc. is planning to cut thousands more workers in a new round of layoffs, according to a report Monday evening by Bloomberg News.
Some 13 percent of the company’s workforce — 11,000 employees — were laid off last fall. It was the company’s first-ever significant layoff.
Meta CEO Mark Zuckerberg told analysts last month that the company is focused on “cutting projects that aren’t performing or may no longer be crucial,” adding that the firm plans on “removing layers of middle management to make decisions faster.”
Facebook is facing heavy competition from social media giants such as TikTok, owned by ByteDance, according to CNBC.