Meta plans to cut thousands of jobs as soon as this week in fresh round of layoffs

Meta Platforms Inc (META.O) will cut thousands of jobs as soon as this week in a fresh round of layoffs, Bloomberg News reported on Monday, only a few months after the Facebook-parent reduced more than 11,000 people from its workforce.

The new round of job cuts is being driven by financial targets and is separate from the “flattening,” the report said, citing people familiar with the matter.

Meta declined to comment on the Bloomberg report when contacted by Reuters.

Last month, the Washington Post newspaper had reported that Meta was planning to cut jobs in a reorganization and downsizing effort.

Meta, at that time, declined to comment, but spokesperson Andy Stone in a series of tweets cited several previous statements by Chief Executive Officer Mark Zuckerberg suggesting that more cuts were on the way.

Meta’s mass layoffs in November that cut more than 11,000 jobs was among the biggest last year and the first in the company’s history. Other tech companies, including Google-parent Alphabet Inc (GOOGL.O) and Microsoft Corp (MSFT.O), have also cut thousands of jobs.

Read all the  Latest News ,  Trending News ,  Cricket News ,  Bollywood News , India News  and  Entertainment News  here. Follow us on  Facebook ,  Twitter  and  Instagram .