The news: Meta is planning its second round of job cuts in four months, which could result in thousands more laid off this week, per Bloomberg.
Tech layoffs continue to pile on: Meta, which axed 11,000 workers in 2022, was one of the first Big Tech companies to resort to layoffs as a release valve for the economic downturn that was exacerbated by evaporating ad budgets.
What’s next: While still unconfirmed by the company, news of a new wave of layoffs resulted in Meta’s stock rising Tuesday.
Our take: Multiple waves of layoffs are expected to hit Meta this year. Facebook, Instagram, WhatsApp, Facebook, and Reality Labs are just some of the businesses under Meta that may be affected, and rebalancing staff in each business unit will take time.
Atlassian, SiriusXM, MasterClass, and Airbnb are just a few of the latest companies to undergo layoffs.
This article originally appeared in Insider Intelligence's Connectivity & Tech Briefing—a daily recap of top stories reshaping the technology industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.