Meta Platforms Inc., the parent company of Facebook and Instagram, is planning a new round of layoffs as soon as this week to cut costs and improve efficiency, according to people familiar with the matter.。

Last November, the world's largest social networking company spearheaded a wave of massive "layoffs," and in the last round of layoffs, Meta cut a total of 11,000 employees, or about 13% of the company's total workforce, the first mass layoffs since Meta's inception.。According to media reports in February, the company is still trying to streamline its organization, moving towards a flat model, offering buyouts to managers and cutting entire teams that it deems unimportant, a move that is still being finalized and could affect thousands of employees.。

Some insiders also said the upcoming round of cuts was driven by fiscal targets and had nothing to do with "flattening."。Meta's advertising revenue has slowed and its focus has shifted to a virtual reality platform called Metaverse, which has been asking directors and vice presidents to make a list of employees who can be fired.。

It is understood that this phase of the layoffs may be completed next week。One person said those involved in the program want to be prepared before CEO Mark Zuckerberg takes parental leave for their third child.。

While the massive layoffs in November came as a surprise to many, Meta employees generally expect the company to cut jobs again.。Because of news that Zuckerberg is calling 2023 Meta's "Year of Efficiency," the company has been relaying that theme to employees in a performance review it completed last week.。

Employees who are still at the company say their colleagues' anxiety has soared and morale has been low recently。Some employees are concerned about whether they will receive bonuses this month if they lose their jobs early.。