iPhone | iPad
Android
Huawei
The Centre for Food Safety, Hong Kong has published the list of banned Indian spice variants on its website
KT APPDOWNLOAD
Facebook parent Meta to lay off, demote 'thousands of staff' in fresh round of job cuts: Report
The company has said it would also reduce office space, lower discretionary spending, and extend a hiring freeze into 2023 to rein in expenses
File photo
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.
Last year, the social media company let go 13 per cent of its workforce — more than 11,000 employees — as it grappled with soaring costs and a weak advertising market.
Meta now plans to push some leaders into lower-level roles without direct reports, flattening the layers of management between top boss Mark Zuckerberg and the company's interns, the Washington Post reported, citing a person familiar with the matter.
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.
Zuckerberg told investors earlier this month that last year's layoffs were "the beginning of our focus on efficiency and not the end." He said he would work on "flattening our org structure and removing some layers of middle management."
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 aggressively hired during the Covid pandemic to meet a surge in social media usage by stuck-at-home consumers. But business suffered in 2022 as advertisers pulled the plug on spending in the face of rapidly rising interest rates.
Meta, once worth more than $1 trillion, is now valued at $446 billion. Meta shares were down about 0.5% on Wednesday.
The company has said it would also reduce office space, lower discretionary spending and extend a hiring freeze into 2023 to rein in expenses.
More than 100,000 layoffs were announced at US companies in January, led by technology companies, according to a report from employment firm Challenger, Gray & Christmas Inc.
ALSO READ:
More news from World
Regulations lag pace of climate change. Air pollution kills 860,000 people each year
The two Muslim neighbours were involved in unprecedented tit-for-tat military strikes this year
Attacks online include insults, sexist and sexual comments, and physical threats, including death threats to journalists and their families
AI tools imitating human intelligence are widely used in newsrooms around the world to transcribe sound files, summarise texts and translate
Of these, 90 families, or 468 people, returned over the Torkham crossing, according to the Taliban-led Ministry of Refugees and Repatriation
It allows American spy agencies to surveil foreigners abroad using data drawn from US digital infrastructure such as internet service providers
The incident happened shortly after jury selection for the hush-money trial was completed
