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Meta Platforms Inc. is planning more layoffs in March, with 11,000 employees already laid off in November.
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Finalizing multiple teams' budgets has been delayed, causing a lack of clarity and demotivation among employees.
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CEO Mark Zuckerberg has stated that the company will be cutting projects that aren't performing and is focused on increasing efficiency.
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The "year of efficiency" will involve flattening the organizational structure and removing middle management layers.
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The extent of the next round of layoffs is unknown.
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Zuckerberg admitted to being too ambitious about company growth and hiring too many staff before the initial round of layoffs.
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Meta had two quarters of disappointing earnings reports before the first round of layoffs, and was facing pressure from activist shareholders.
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Meta surprised investors with its earnings report on Feb. 1, forecasting lower operating expenses and capital expenditures.
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The company also announced a $40 billion share repurchase program.
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Further cost-cutting, including layoffs, is expected as Meta strives to increase its share price and please investors.