Meta Platforms Inc is reportedly planning a new round of layoffs starting this week.
It was reported by Bloomberg News citing a source close to the matter.
According to the report, 13% of the laid-off workers were as part of a major cost-cutting plan announced last November.
CEO Mark Zuckerberg previously stated that Meta will focus on efforts to reduce company costs this year by targeting 2023 as the 'Year of Efficiency'.
The string, it will throw out projects that are not working or may no longer be important and plans to get rid of the middle management layer to make decisions faster.
The effort comes at a challenging time for the social networking giant after it saw its costs and expenses jump 22% year-over-year to $25.8 billion in the fourth quarter, while full-year sales 4% to $32 billion.
