Why Zuckerberg’s Meta has undertaken second round of layoffs slashing 10k jobs?

Meta Platforms Inc. plans to lay off around 10,000 employees and close about 5,000 additional open roles in its second major round of job cuts in the past six months.

The Facebook parent company has been marketing 2023 as a “year of efficiency” in an effort to improve its financial performance and achieve longer-term goals. As part of those efforts, Meta is flattening the organization, canceling lower priority projects and slowing hiring, Chief Executive Officer Mark Zuckerberg said in a statement on Tuesday. Bloomberg previously reported that cuts were coming. The world’s largest social-networking company in November already laid off 11,000 people, or 13% of its staff.