Meta, the parent company of Facebook, will conduct 'performance terminations' this week and cut roughly 5% of its staff.

Meta has initiated another round of performance-based job cuts after announcing it via an internal memo last month. As Bloomberg reports, US-based employees being laid off were notified via email on Feb.

Meta Platforms began a round of layoffs Monday that will see the company cut 5% of staff, or roughly 3,700 workers. Chief Executive Mark Zuckerberg said in a memo last month that the layoffs would target low-performing employees.