Gabriel Budi Sutrisno · · 1 min readMeta eyes large-scale layoffs this week
Facebook parent firm Meta is eyeing large-scale layoffs this week that will affect “many thousands of employees,” the Wall Street Journal reported, citing people familiar with the matter.
The announcement is set to come as early as Wednesday, marking the first time Meta CEO Mark Zuckerberg makes mass headcount cuts since Facebook’s establishment in 2004.
The company has told employees to cancel nonessential travel, according to the report. As of September, Meta had over 87,000 employees.
Recently, the company forecast a weak holiday quarter and more costs in 2023. The forecast slashed about US$67 billion of the company’s market value, adding to the loss of more than half a trillion dollars in the firm’s market value this year.
Zuckerberg previously said that the company expects to end 2023 at “either roughly the same size or even a slightly smaller organization.” In June, the social media firm cut plans to hire engineers by at least 30%, Reuters reported.
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Editing by Miguel Cordon and Jaclyn Tiu
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