Meta plans more layoffs on key projects likely to match job cuts…

Meta plans more layoffs on key projects likely to match job cuts…

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Metaplatforms Inc META is planning further job cuts in several rounds in the coming months.

The first round of layoffs is expected to be announced next week and it would hit the non-technical roles, people familiar with the matter told The Wall Street Journal.

The sources said cuts this year are expected to reach the same proportion of the remaining ones, although the final count of cumulative cuts planned for the second quarter is not yet clear.

Projects being cut include some wearable devices in the works at Reality Labs, Meta’s hardware and Metaverse division, the people said, slamming a short-term pullback from efforts to popularize virtual and augmented reality products even as longer-term research efforts continue, reports WSJ.

According to the report, the additional cuts would be about the same as last year’s 11,000, or 13 percent layoffs of workers.

“We continue to look at the entire company, both the app family and Reality Labs, and really evaluate whether we are directing our resources to the most leveraged opportunities,” WSJ quoted Meta as the chief financial officer Susan Li Statement at the Morgan Stanley 2023 Technology, Media & Telecom Conference.

Last week, the company announced internally that it was closing its New Product Experimentation Group, hinting at a possible downsizing.

Also read: Mark Zuckerberg’s safety allowance just rose 40% amid Meta’s massive job cuts

Early February, meta fourth quarter reported First Quarter Financial Results and Outlook.

CEO Mark Zuckerberg said in the receipts Release that 2023 would be the year of efficiency for metaplatforms.

Zuckerberg has said he doesn’t endorse it management levels in the companyindicating he may be considering a reduction in middle management.

Meta has reportedly given thousands of employees bad reviews in the company’s most recent performance reviews.

The leadership team at Meta “expects the reviews to lead

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