Meta plans major job cuts that could affect “thousands” of workers, according to a report of The Wall Street Journal. Sources familiar with the situation told the WSJ that the layoffs could start as early as Wednesday.
Parent company Facebook and Instagram reported more than 87,000 employees at the end of September, but these “large-scale” layoffs are expected to cut a significant portion of its workforce. According to the WSJThe layoffs could hit Meta even harder than the massive job cuts at Twitter, which affected about half of the company’s 7,500 employees.
Meta declined to comment on the situation, but be aware The edge to Zuckerberg’s statement during the profit call last month. “In 2023, we will focus our investments on a small number of high-priority growth areas,” Zuckerberg said. “So that means some teams will grow significantly, but most of the other teams will remain flat or shrink over the next year. Overall, we expect 2023 to end up being about the same size, or even a slightly smaller organization than we are today.”
While Zuckerberg says Facebook has more active users than ever before, investors are still concerned about the company’s expensive gamble on the metaverse. Meta’s virtual reality arm lost $3.7 billion last quarter and a total of $9.4 billion this year, while the company’s stock trades at its lowest price since 2016.