Meta Platforms plans to lay off thousands of employees, with cuts starting as soon as this week, Bloomberg reports.
The social network late last year laid off some 11,000 employees, representing around 13 percent of its workforce.
After a steadily declining share price, CEO Mark Zuckerberg this year promised a "year of efficiency," causing shares to jump 18 percent. As news of the new layoffs broke, the company's share price went up another 1.7 percent.
With layoffs looming, Meta executives have been paralyzed for the past few months, earlier news reports note. With a lack of clarity about budgets and headcounts, managers are struggling to plan or assign projects and workloads.
The company completed staff performance reviews last week, and is believed to be aiming to have a layoff plan laid out before Zuckerberg goes on parental leave for his third child.