F - Meta Platforms Layoffs 2023: What to Know as Facebook Preps More Job Cuts
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Meta Platforms (NASDAQ:META) layoffs are a hot topic among traders Monday as the Facebook parent company reportedly considering more job cuts.
According to these recent reports, Meta is undergoing a performance review of staff to determine which jobs to cut. Insiders claim this could see the company announce a new wave of workforce reductions in March.
It’s unclear what jobs would be affected by the Meta Platforms layoffs. However, founder and CEO Mark Zuckerberg did address potential job cuts in the company’s fourth-quarter earnings report.
At that time, Zuckerberg said Meta Platforms was considering cutting out middle management. The intention of this is to increase decision-making speed at the company. He also said unimportant projects may also be discontinued.
Not Meta Platforms’ First Layoffs
Meta Platforms has already made major job cuts when it reduced its workforce by 11,000 employees back in November 2022. Those layoffs affected workers in the company’s Family of Apps and Reality Labs divisions.
Investors will note that the Meta Platforms layoffs come at a time when many big tech companies are cutting jobs. That has to do with the economy as inflation, interest rates, and fear of a recession affect businesses.
META stock is up 2.5% as of Monday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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