Could more job cuts be in the works at Facebook's Meta Platforms?
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Is it possible that more layoffs could be in the works for Facebook parent company Meta Platforms (NASDAQ:META)?
Such moves might be in Meta's (META) near future, as Bank of America analyst Justin Post said Monday that a "year of efficiency may just be beginning" in the wake of the company's already announced plans to cut 11,000 jobs worldwide.
In a research note on Monday, Post cited a report from the Financial Times which said that Meta (META) has been going through employees' performance reviews and "internally at Meta, there has been a lack of clarity about budgets or future headcount in recent weeks." Post noted that when Meta (META) gave its fourth-quarter earnings report in January, it hinted the more changes were in the works, and that the company "emphasized [its] focus on flattening the organization structure, reducing some layers of middle management, and using AI tools to improve employee productivity."
Posts said it wasn't possible to speculate on how many more potential jobs Meta (META) might cut, but "we see room for additional efficiencies" due to how large it has recently become. Post said that Meta (META) grew from about 58,000 employees two years ago to approximately 76,000 at the time of its layoff announcement.
Meta's (META) shares started the week on an upbeat note, and rose almost 3% as trading progressed during Monday's market session.
Meta (META) Chief Executive Mark Zuckerberg said he was "accountable" for the situation that has resulted in the company having to shed 11,000 jobs. Wall Street got behind Meta's (META) layoff plans, with some analyst saying that Zuckerberg "gets it" regarding the company needing to trim costs and streamline some operations.