Meta Platforms is set to cut thousands of jobs in another round of layoffs that comes shortly after the Facebook parent laid off 11,000 people globally.

Bloomberg News reports that the latest redundancies are being driven by financial targets and a separate from the "flattening" of the company's management structure that Meta aimed for with the first round of cuts.

Meta announced in November that it would cut ties with 13% of its global workforce, affecting some 350 of its 3,000 employees in Ireland, although it later emerged that around 300 people in Ireland were laid off.

Reports in February suggested that Meta was planning further cuts as part of a reorganisation and downsizing effort, with CEO Mark Zuckerberg having christened 2023 as the company's "year of efficiency".

Bloomberg reported that the latest phase of layoffs at Meta could be finalised next week. Meta's staff in Ireland are split between the company's international headquarters in Dublin, data centre in Clonee and Reality Lab in Cork.

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Microsoft on Monday announced a further 60 cuts in Ireland, and tech giants such as Amazon, Google, Intel and Stripe have laid off a significant number of staff in recent months, largely blaming overhiring during the pandemic and the economic downturn.

For 2022, Meta reported lower revenue of $116.6bn while costs rose by 23% year-on-year from $71.2bn to $87.7bn, resulting in profit declining by 41% from £39.4bn to $23.2bn.

Meta reported a headcount of 86,482 at the end of 2022, accounting for a "substantial majority" of the 11,000 people laid off by the company. The group has 2.96bn average daily active users across its apps, which also include Instagram and WhatsApp.

(Pic: AP Photo/Tony Avelar, File)