Facebook’s parent company Meta is due to slash “thousands more jobs” on Wednesday, according to reports.
The move comes after the company fired around 11,000 employees in November.
Meta is reportedly coming down hard on “projects that aren’t performing” as the company continues to struggle.
Meta, which owns Facebook, WhatsApp, and Instagram, is reportedly preparing to make thousands of job cuts to its policy, marketing, and communications teams in particular.
This comes as part of CEO Mark Zuckerberg’s “year of efficiency” that involves cutting functions and features deemed non-essential.
Meta is desperately looking to rein in its finances and prioritize new offerings as flagship platform Facebook loses popularity and the company’s new projects fail to perform.
The cuts also follow a number of changes at the top.
Sales vice president for the Americas, Nada Stirratt, is apparently leaving the post on Monday.
Chief Business Officer Marne Levine also stepped down last month.
One senior staffer told the Financial Times: “We have a real dilemma on our hands in terms of talent when there’s so much chaos.”
The company has struggled with growth over the last 12 months, in part due to rising competition from the Chinese Communist Party-linked TikTok and the withdrawal of budget from stretched advertisers.
In recent years, Facebook has gained a reputation for being for older users and has struggled to attract younger audiences.
The competition from rivals saw Facebook’s app lose users for the first quarter in its lifetime a year ago, further deterring advertisers.
Meanwhile, reports have been emerging that Meta wants to launch a Twitter rival after seeing new owner Elon Musk’s success with the company.
Musk responded to the reports by branding Zuckerberg a “copy cat.”