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Facebook parent Meta plans to begin large-scale layoffs this week in what could be the company’s most significant head-count reductions in its history, according to reports.
The job cuts are expected to affect thousands of workers, and the announcement could come as early as Wednesday, The Wall Street Journal reported, citing unnamed sources. Meta had more than 87,000 employees as of the end of September, according to a securities filing.
Meta declined to comment Monday about the reported layoffs.
The news of the wide-scale job cuts came after CEO Mark Zuckerberg said he expected Meta to enter 2023 with roughly the same headcount during the company’s third-quarter earnings call on Oct. 26.
“In 2023, we’re going to focus our investments on a small number of high priority growth areas,” Zuckerberg said. “In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today.”
Meta Platforms Inc. reported its revenue declined for a second consecutive quarter last month, raising questions about the company’s plan to spend billions building the metaverse, an immersive future online world.
