Meta Platforms Inc META is reportedly planning to terminate thousands moreas early as this week.
What Happened: The Mark Zuckerberg-led company is eliminating jobs based on financial targets and separately from its efforts to flatten the organization, reported Bloomberg, citing people familiar with the matter.
The layoffs could be finalized in the next week and those working on the plan are hoping to present it to Zuckerberg before he goes on parental leave for his third child, which could be soon, a source told Bloomberg.
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Workers at Meta are reportedly gripped with anxiety and are suffering from low morale and some have expressed concerns about whether theyd receive their bonuses, should they be let go. The bonuses are set to be disbursed this month.
Meta did not immediately respond to Benzingas request for comment on the development.
Why It Matters: In November, the Facebook and Instagram parent laid off 11,000 employees, or 13% of its workforce, and took measures to restructure itself.
Zuckerberg has labeled 2023 as the Year of Efficiency and said Meta is focused on becoming a stronger and more nimble organization, according to a company statement.
The top Meta executive said hes not in favor of having layers of management in the company, an indication that he may be considering a reduction in middle managers.
Price Action: On Monday, Meta shares rose 0.7% to $186.16 in after-hours trading after closing 0.2% lower at $184.90 in the regular session, according to data from Benzinga Pro.
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