Meta to fire 4,000 more employees this week in second round of layoff: Report

Meta Platform Inc. formerly known as Facebook is reportedly set for a second round of mass layoffs on Wednesday that will affect at least 4,000 highly-skilled employees reported Vox quoting sources.

According to a report by Bloomberg News, the company through a memo has notified managers to prepare to announce job cuts on Wednesday. The report added that the layoffs could impact Facebook, Instagram, WhatsApp and Reality Labs that houses the giant's virtual reality efforts and Quest hardware.

Meta will also announce newly reorganised teams and management hierarchies, the report by The Washington Post mentioned. The company is also planning to ask North America employees who can work from home to do so from Wednesday.

Meta cost-cutting

This is part of the cost-cutting push that will cut close to 10,000 positions in the tech company as announced by Meta head Mark Zuckerberg in March. There will be a third round of layoff in May. Zuckerberg said that overall, "we expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven't yet hired".

Meta fired 11,000 employees in November

The fresh cuts came just four months after he laid off 11,000 employees, or 13 per cent of the company, in November last year. The company has also frozen hiring in the first quarter that has seen more job and cost cuts.

With inputs from Agencies