Meta Platforms Inc is planning to let go of thousands of employees in a fresh round of job cuts this week itself, a Bloomberg News report said on March 6.

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The report citing sources said, the latest round of layoffs is being driven by financial targets and is separate from the "flattening."

The development comes months after the Facebook-parent reduced its workforce by more than 11,000 or 13 percent staffers. Meta is yet to comment on the matter.

A Wall Street Journal report last month claimed Meta gave poor performance reviews to thousands of its employees, raising fears about another round of layoffs. As per the report, more than 7,000 employees were rated "subpar" and the firm also got rid of a bonus metric. A source had then told WSJ that lower ratings may lead to several employees quitting their jobs.

“We’ve always had a goal-based culture of high performance, and our review process is intended to incentivize long-term thinking and high-quality work, while helping employees get actionable feedback.” a Meta’s spokesperson told WSJ.

Earlier in February, the company released its fourth quarter earnings report in which Meta’s CEO Mark Zuckerberg called 2023 the 'year of efficiency,' and said that the management is focused on becoming a stronger and more nimble organisation.

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He described the focus on efficiency as part of the natural evolution of the company, calling it a "phase change" for an organisation that once lived by the motto "move fast and break things."

He had hinted at more job cuts saying “We may incur additional restructuring charges as we progress further in our efficiency efforts."

Meta's mass layoffs in November that cut more than 11,000 jobs was among the biggest last year and the first in the company's history. Other tech companies, including Google-parent Alphabet Inc and Microsoft Corp, have also cut thousands of jobs.

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