Thousands of employees at Facebook's parent company Meta will be laid off this week, according to reports.
The job cuts could be announced as early as Wednesday, according to reports.
The chief executive of Meta said during the third quarter that staffing might fall.
He said that they would focus their investments on a small number of high priority growth areas.
Meta has 87,000 employees around the world who work on different platforms.
The tech sector is facing difficulties as the economy slows.
Some teams are expected to stay flat or shrink over the next year, according to Mr. Facebook.
He said that they expect to end the year as either the same size or slightly smaller than they are now.
Advertisers are cutting their budgets as they struggle with inflation and rising interest rates, which is hurting ad-supported platforms.
Last Thursday, Silicon Valley firms Stripe and Lyft announced large-scale lay-offs, while Amazon said it wouldn't hire anymore.
Not only is the global economic situation an issue for Meta, but there is also competition from TikTok, privacy changes from Apple, and concerns about massive spending on the metaverse.
The metaverse investments are expected to take about a decade to produce positive results, according to Mr. Zuckerberg.
He has to reorganize his teams to cut costs.
In June, the social media company cut plans to hire engineers by at least 30%, with founder and CEO Mark Zuck warning employees to prepare for an economic downturn.
Meta's shareholder said in an open letter that the company needs to cut jobs and spend less money. Meta has lost investor confidence as it ramps up spending and focuses on the metaverse
The company has a market value of $600 billion.
Big tech is feeling the effects of the downturn.
Digital ads have been the main source of money for many of these giants, including Meta. Meta is free of charge for people to use. They pay for the data and the ads they see.
The funds are still appearing so don't feel bad for them. Most of the money comes from millions of small and medium-sized businesses that spend small amounts.
As soaring costs and customers with less money to spend hit their revenues, they are likely to look to trim their marketing budgets.
Every three months, Meta has to reveal their finances.
A person who was with Mark when he did the last one told me that he didn't look like his usual self.
According to reports, he's planning the largest lay-off in Meta's history.
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