Meta plans to layoff thousands of employees this week to trim costs|Petar Adzaga|CC BY-SA 4.0
Facebook parent Meta is preparing to lay off thousands of employees with an announcement expected as soon as Wednesday, according to The Wall Street Journal.
An announcement is expected as early as Wednesday.
Meta saw a decline in revenue for the second consecutive quarter and a forecast of a grim fourth quarter wiped $67 billion off its stock value. CEO Mark Zuckerberg announced a pause in hiring, halted projects and reorganized teams.
The massive layoff comes as the company struggles with a slowdown in economic growth, privacy changes in Apple, and heavy competition from TikTok.