Meta to lay off thousands of employees in a bid to boost efficiency

Facebook and Instagram owner Meta is preparing to lay off thousands of employees in a bid to boost efficiency. Less than six months ago, the company had already cut 13 per cent of its staff, Bloomberg reported.

The round of cuts is driven by financial targets and cuts to advertiser budgets, Bloomberg sources said. A Meta spokesman declined to comment on the plans. The company's shares rose 1.6 per cent to $187.9 at a premarket in New York on Tuesday.

The world's largest social network has stopped accepting job applications since autumn 2022 and has begun to minimise costs. The company is also working to simplify its organisational structure, laying off entire teams that it considers irrelevant.

Last November, it made massive cuts. "I have decided to reduce the size of our team by about 13 per cent and lay off more than 11,000 of our talented employees," Zuckerberg told staff in a letter at the time.