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Facebook parent Meta plans mass layoffs, report says

Facebook parent company Meta Platforms. (Photo via Wikimedia Commons, Graphic by The Desk)

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.

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.

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About the Author:

Matthew Keys

Matthew Keys is an award-winning journalist with more than 10 years of experience covering the business of television and radio broadcasting, streaming services and the overall media industry. In addition to his work as publisher of The Desk, Matthew contributes regularly to StreamTV Insider and KnowTechie, and has worked for several well-known news organizations, including Thomson Reuters, McNaughton Newspapers, Grasswire, Comstock's magazine, KTXL-TV and KGO-TV. Matthew is a member of IRE, a trade organization for investigative reporters and editors, and is based in Northern California.

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