According to a report from The Wall Street Journal, Meta is planning major job cuts. The layoffs could start as soon as Wednesday, according to sources.
At the end of September, the parent company reported over 87,000 employees, but these large-scale layoffs are expected to slash a significant portion of them. According to the WSJ, the layoffs could hit Meta even harder than the mass job cuts atTwitter, which affected about half of the company's 7,500 employees.
Chris Cox, Meta's chief product officer, warned employees of "serious times" in June of this year. The CEO of Meta said in an internal Q&A that there are probably a lot of people at the company who shouldn't be there. In September, he instituted a hiring freeze and warned that the company might downsize.
During the company's earnings call last month, The Verge pointed to a statement from Facebook's CEO, Mark Zuckerman. We will focus our investments on a small number of high priority growth areas in the years to come. Most other teams will stay the same over the next year. We expect to end the year as either the same size or slightly smaller than we are now.
Despite the fact that Facebook has more active users, investors are still concerned about the company's expensive bet on the metaverse. Meta's virtual reality arm lost $3.7 billion this past quarter and a total of $9.4 billion this year, while the company's stock is trading at its lowest price in two years.
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