Facebook parent Meta plans large-scale layoffs this week: report
The Hindu
The layoffs could impact ‘many thousands’ of Meta employees and that an announcement was expected as soon as November 9, The Wall Street Journal reported
Facebook-parent Meta will become the latest tech firm to scale back its workforce, with plans to layoff thousands of employees this week, U.S. media reported on November 6.
The Wall Street Journal, citing people familiar with the matter, reported that the layoffs could impact "many thousands" of Meta employees and that an announcement was expected as soon as November 9.
As of September 30, Meta had about 87,000 employees worldwide across its different platforms, which include social media sites Facebook and Instagram as well as messaging platform Whatsapp.
In his announcement of Meta's disappointing third quarter results, CEO Mark Zuckerberg said the firm's staff would not increase by the end of 2023, and might decrease slightly.
The latest plans from Meta follow recent announcements by other tech firms to freeze hiring or cut their workforce as the industry fights economic headwinds.
Also read: ‘No choice’, says Musk on worldwide Twitter layoffs
Last Thursday, Silicon Valley firms Stripe and Lyft announced large-scale layoffs while Amazon said it would freeze hiring in its corporate offices.
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