Meta’s planning major job cuts that could affect “thousands” of workers.
The Facebook and Instagram parent company reported over 87,000 employees at the end of September, but these “large-scale” layoffs are expected to slash a significant portion of staff members.
According to reports, the layoffs could hit Meta even harder than the mass job cuts at Twitter, which affected about half of the company’s 7,500-employee workforce.
Although Zuckerberg says Facebook has more active users than ever before, investors are still concerned about the company’s pricey 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 since 2016.
