By Jeffrey Smith
Investing.com – Social media giant MetaPlatforms (NASDAQ: ) plans to cut thousands of jobs in an effort to restore profitability, and those jobs are scheduled to begin this week, Bloomberg reported late Monday.
It’s just three months since the owner of Facebook and Instagram laid off 11,000 people, or 13% of its workforce, as founder and CEO Mark Zuckerberg signaled he was backing away from expensive bets he made on new growth initiatives.
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Zuckerberg said 2023 would be a “year of performance” as the company’s workforce was drastically reduced in response to a weak advertising environment that revealed how much work tech companies added during the pandemic.
Meta Management has asked directors and vice presidents to prepare a list of laid-off employees, according to Bloomberg.
The reduction in workforce comes at the end of the company’s annual bonus round, which may make it easier for some employees to accept the situation.
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Layoffs and strong promotions
Meanwhile, Meta shares have risen sharply since Zuckerberg cited the company’s focus on profit and growth at any cost late last year. This is Jan. 1 to 53%, making it the best-performing “big tech” company. However, the stock is still down 3% over the 12-month range, and has more than halved from its peak in 2021.
Mita shares were up 0.5% in late trading on Monday, following a record 1.86% gain in the pre-open session. 188.34.
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