Meta Platforms (META) is planning to layoff thousands more workers as the Facebook-parent company tries to control costs amid a slowing economic environment.
The job cuts could start as early as this week and will build on the 13% workforce reduction that Meta undertook last November.
Meta Platforms chief executive officer (CEO) Mark Zuckerberg has said that the company plans to focus this year on lowering costs, describing 2023 as the “Year of Efficiency.”
The cost-cutting comes at a challenging time for the social media giant, which said its expenses rose 22% year-over-year to $25.8 billion U.S. during the fourth quarter of 2022 while its sales declined 4% to $32 billion U.S. during the period.
Meta’s online advertising business continues to face headwinds from a decline in digital advertising and increased competition from Chinese social media app TikTok.
Meanwhile, the company continues to invest billions of dollars in developing the metaverse. Meta Platforms recorded a $4.28 billion U.S. operating loss related to that project last year.
Meta Platforms’ stock is down 1% over the past 12 months and trading at $184.90 U.S. per share. The stock has gained 48% so far in 2023.
