Facebook and Instagram parent company Meta, is reportedly planning to lay off thousands of employees as its advertising revenue slows down. According to a Bloomberg report, some of Meta’s leadership roles have been asked to create lists of employees who can be let go, and the layoffs could be finalized by the end of the week.
KRON 4 reports the layoffs follow a November round of job cuts in which the social media giant terminated more than 11,000 employees, citing factors such as a “macroeconomic downturn” and “increased competition.” CEO Mark Zuckerberg expected a permanent acceleration of revenue growth due to the surge of e-commerce during the Covid pandemic. However, it did not materialize as he had hoped, resulting in the need for layoffs. Meta declined to comment on the potential layoffs.
Meta’s severance package for remaining paid time off, health insurance, and base pay was shared by Zuckerberg after the November cuts. If the layoffs occur, Meta will join the ranks of DocuSign, eBay, Google, and others that have conducted recent layoffs.