(Reuters) -Fb-parent Meta Platforms Inc (NASDAQ:) is planning a contemporary spherical of job cuts in a reorganization and downsizing effort that would have an effect on hundreds of staff, the Washington Submit reported on Wednesday.

The corporate didn’t instantly reply to a Reuters request for remark.

Final yr, the social media big mentioned it would let go of 13% of its workforce, or greater than 11,000 workers, because it grappled with hovering prices and a weak promoting market.

Meta plans to push some leaders into lower-level roles with out direct stories, flattening the layers of administration between prime boss Mark Zuckerberg and the corporate’s interns, the Washington Submit reported, citing an individual aware of the matter.

Final yr’s layoffs had been the primary in Meta’s 18-year historical past. Different tech corporations have reduce hundreds of jobs, together with Google dad or mum Alphabet (NASDAQ:), Microsoft Corp (NASDAQ:) and Snap Inc (NYSE:).

Meta aggressively employed through the pandemic to satisfy a surge in social media utilization by stuck-at-home customers. However enterprise suffered in 2022 as advertisers and customers pull the plug on spending within the face of hovering prices and quickly rising rates of interest.

Meta, as soon as price greater than $1 trillion, is now valued at $446 billion. Shares misplaced 1.2% on Wednesday.

Final yr the corporate mentioned it could additionally scale back workplace area, decrease discretionary spending and prolong a hiring freeze into 2023 to rein in bills.

Greater than 100,000 layoffs had been introduced at U.S. corporations in January, led by know-how corporations, in response to a report from employment agency Challenger, Grey & Christmas Inc.