Meta Platforms is planning to cut thousands of jobs at social media company Facebook and other divisions within the company, according to a report.
On Sunday, the Wall Street Journal said thousands of people could receive pink slips by mid-week, though it was not immediately clear how many positions would be eliminated. Meta currently has around 87,000 employees.
The layoffs will be the first in the company’s 18-year history, the Journal noted, and comes amid similar staff reductions at other social media companies, including Twitter.
Officials at Meta declined to comment. A spokesperson pointed to recent comments made by founder and chief executive Mark Zuckerberg, who said that the company intends to “focus our investments on a small number of high-priority growth areas,” the Journal said.
Breaking: Facebook parent Meta plans to begin laying off thousands of employees this week, people familiar with the matter said https://t.co/NVAJtM4LLZ
— The Wall Street Journal (@WSJ) November 6, 2022
Meta significantly increased its headcount during the two-year coronavirus pandemic amid a shift toward remote working and a significant increase in time spent online. The company added 27,000 workers from 2020 to the end of 2021, and another 15,300 employees in the first nine months of this year, the Journal said.
Meta and other online platforms have seen their revenue reduced over the last few quarters, due in large part to inflation and other economic woes. While the holiday shopping season is normally a boon for advertising, many companies have pulled back on spending as forecasts indicate shoppers will spend less this holiday season.