Meta Platforms Inc. has denied a report from Reuters that claimed the company was considering a new round of layoffs that could affect 20% or more of its workforce. A Meta spokesperson stated the company is not planning new, large-scale layoffs and is instead focused on 'increasing efficiency' as part of its 'year of efficiency' initiative announced in early 2023.
The original Reuters report, citing sources, suggested the Facebook parent company was weighing significant job cuts to offset aggressive spending on its metaverse ambitions. However, following publication, Meta issued a firm denial of these specific plans.
Meta has already undergone substantial workforce reductions over the past two years, cutting tens of thousands of jobs in multiple rounds. The company's leadership has consistently communicated a strategy of flattening the organization and operating more leanly, but has not indicated a new wave of cuts of the magnitude reported by Reuters.
The denial clarifies the company's current stance, though analysts note that Meta, like other tech giants, continues to navigate a complex economic environment while investing heavily in artificial intelligence and Reality Labs, its metaverse division.
