The logo of Meta Platforms' business group is seen in Brussels, Belgium on Dec 6, 2022.Facebook-parent Meta Platforms Inc is planning a fresh round of job cuts in a reorganisation and downsizing effort that could affect thousands of workers, the Washington Post reported on Wednesday .— more than 11,000 employees — as it grappled with soaring costs and a weak advertising market.
Meta declined a Reuters request for comment, but spokesperson Andy Stone in a series of tweets cited several previous statements by Zuckerberg suggesting that more cuts were on the way. Last year's layoffs were the first in Meta's 18-year history. Other tech companies have cut thousands of jobs, including Google parent Alphabet Inc, Microsoft Corp and Snap Inc.
Meta, once worth more than US$1 trillion , is now valued at US$446 billion. Meta shares were down about 0.5 per cent on Wednesday.
Source: News Formal (newsformal.com)
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