Meta expected to lay off 5 percent of workforce ahead of 'intense year'

Meta is planning to lay off about 5 percent of its workforce by targeting the company's lowest performers in preparation for what CEO Mark Zuckerberg said will be an "intense year."

Zuckerberg, in an internal memo to employees Tuesday, said he made the choice to "raise the bar on performance management and move out low-performers faster."

The memo was first reported by Bloomberg. A Meta spokesperson confirmed Bloomberg's report, while emphasizing Zuckerberg told employees the vacant positions will be filled with new employees later this year.

“We typically manage out people who aren’t meeting expectations over the course of a year,” Zuckerberg added, “but now we’re going to do more extensive performance-based cuts during this cycle."

He said not every employee who "did not meet expectations for the last period" will be laid off if the company is "optimistic about their future performance."

Those who are laid off will receive a "generous severance," the Meta CEO added. Employees impacted in the U.S. are expected to be notified by February 10 while those outside of the country will be told at a later date.

As of the end of September, Meta employed more than 72,000 people, meaning a 5 percent cut could impact about 3,600 jobs.

The parent company of Facebook and Instagram has carried out numerous layoffs, starting with its first round in November 2022, when more than 11,000 employees were laid off. Months after this, the company cut around 10,000 more employees.

Tuesday's news follows a dramatic week for the company and Zuckerberg, who announced last week Meta will be eliminating its fact-checking system in an embrace of free speech.

He also announced a slew of other content moderation changes, including shifts in its policies on divisive issues like immigration and gender and its loosening of hate speech and abuse rules.

The move was quickly embraced by several Republican figures, while many Democrats slammed Zuckerberg as attempting to appease President-elect Trump ahead of Inauguration Day.

Later in the week, Meta announced it is slashing the company’s diversity, equity and inclusion (DEI) team and rolling back several related programs. 

Shares of Meta fell Tuesday near their lows amid the news over layoffs.