According to US media reports, Facebook-parent Meta will be the next major firm to reduce its workforce, with plans to lay off thousands of employees this week.
According to the Wall Street Journal, which cited sources familiar with the situation, the layoffs could affect “tens of thousands” of Meta employees, with an announcement likely as soon as Wednesday.
The latest Meta plans follow recent statements by other major corporations to halt or reduce recruiting as the industry battles economic headwinds.
Stripe and Lyft announced large-scale layoffs on Thursday, while Amazon declared a hiring freeze at its corporate offices.
Twitter, which Elon Musk recently purchased, abruptly fired over half of its 7500 employees last week.
As marketers struggle with inflation and rising interest rates, ad-supported platforms such as Facebook and Alphabet’s Google are suffering from budget cuts.
In the third quarter, Meta’s profits fell 52 percent year on year to $4.4 billion.
Meta’s stock price dropped 25% in one day as a result of the dismal results.
Over the last year, the company’s market value has dropped to $600 billion.
Aside from its ad-supported business troubles, investors have been concerned about Zuckerberg’s decision to invest heavily in constructing the metaverse.