Facebook parent Meta is preparing for large-scale layoffs this week which is expected to affect many thousands of its workforce.
In a recent spate of tech job cuts after the industry’s rapid growth during the pandemic, Meta Platforms Inc is planning to begin large-scale layoffs this week, according to people familiar with the matter, reported The Wall Street Journal (WSJ).
The layoffs are expected to affect many thousands of employees and an announcement is planned to come as soon as Wednesday, according to the people familiar with the matter.
Meta reported having more than 87,000 employees at the end of September. Company officials already told employees to cancel non-essential travel beginning this week, the people said.
The planned layoffs would be the first broad head-count reductions to occur in the company’s 18-year history. The number of Meta employees expected to lose their jobs could be the largest to date at a major technology corporation in a year that has seen a tech-industry retrenchment, reported WSJ.
The Wall Street Journal reported in September that Meta was planning to cut expenses by at least 10 per cent in the coming months, in part through staff reductions.
