Meta plans to start a new round of layoffs as soon as this week

Meta's upcoming round of layoffs is driven by financial goals and not directly related to the company's "flattening," people familiar with the matter said. Meta has seen a slowdown in ad revenue and is shifting its focus to its meta-universe platform, and executives have been asking directors and vice presidents to make lists of employees they can fire, the sources said.

This phase of layoffs could be completed as soon as next week, according to people familiar with the matter. Last month, Meta gave thousands of employees below-par ratings in a recently concluded round of performance reviews, suggesting more layoffs could be on the way. The company also cut a bonus metric, one of several steps executives are taking after CEO Zuckerberg announced that 2023 will be the "year of efficiency," people familiar with the matter said.

Meta has been laying off employees one round after another, which has quite a lot to do with its own poor performance in addition to the general environment of tech companies. A recent blow to Meta is that its exploration of the popular ChatGPT has been hampered. After Meta's failure with Galactica, other Silicon Valley Internet giants have joined the "generative AI" boom with huge investments, leaving Meta with little time to catch up.

Will meta refresh this table and become number one?