Meta plans new wave of layoffs as soon as this week

Meta Platform Inc. plans another round of layoffs starting from this week that could affect thousands of employees, according to a Bloomberg News report published Monday evening.

Meta CEO Mark Zuckerberg has previously announced job cuts about 13 percent of Meta workers who were laid off as part of a major cost-cutting plan in November, as the company slashed 11,000 workers in what was its first-ever major layoff.

The cost-cutting effort comes at a difficult time for the tech company, which said cost and expenditure jumped 22 percent year-on-year to $25.8 billion during the fourth quarter, while total sales fell 4 percent to $32 billion.