Meta, Facebook’s parent, has reportedly started another round of job cuts, this time business groups within the social media giant.
Meta hasn't made an official announcement but global newswire Reuters quoted "a person familiar with the matter" and some Facebook staff had reported their redundancies via social media.
The latest layoffs, widely expected in the industry, are said to be the third and final round. The cuts in April and May impact 10,000 jobs.
The first round by Meta, which like other global media platforms over-hired during the heady days of a consumer switch to online during the pandemic, was late last year and hit 11,000 employees.
Meta, Facebook’s parent, is shrinking for the first time in its 18-year history.
That November axing represented 13% of headcount and was part of a thrust which also cut discretionary spending and included a hiring freeze.
Founder Mark Zuckerberg then said: “This is a sad moment, and there’s no way around that.”
The move to a “leaner and more efficient” company adds to the avalanche of cuts across digital and social media companies seeing a dip in business following a pandemic surge.
Advertising spend is slowing in the face of an economic downturn, marked by racing inflation, war in Europe and supply chain issues.
Zuckerberg in March said that layoffs in tech groups would be in late April, and then business groups in late May.
In Australia the timing could be different to that of the US.
“Our timelines for international teams will also look different, and local leaders will follow up with more details,” Zuckerberg said.
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