(A Hill) — Meta is set to lay off thousands of employees this week as it plans to cut jobs amid falling stock prices, The Wall Street Journal reports.
According to the report, the layoffs could be the largest in the history of parent company Facebook, with the workforce expected to surpass the major cut in the workforce at Twitter last week. However, with Facebook’s more than 87,000 employees, this will be a tiny fraction of its total workforce.
Other tech companies such as Amazon, Netflix and Google parent Alphabet were also announcing layoffs and hiring as the sector remains under pressure from higher prices and the prospect of a recession.
An industry that was thriving in the early days of the COVID-19 pandemic, the post-COVID-19 economic scenario is witnessing a lull in profits.
A spokesperson for Meta declined to comment on the layoffs, but referred The Hill to CEO Mark Zuckerberg’s latest comments.
“In 2023, we are going to focus our investments on a small number of priority growth areas. So that means some teams will grow significantly, but most other teams will remain flat or shrink next year,” Zuckerberg said during the company’s most recent earnings call.
“Collectively, we expect to end 2023 with an organization roughly the same size or even slightly smaller than it is today,” he said.
Ride-hailing service Lyft last week announced a 13 percent cut of staff, and online payments giant Stripe said it was laying off 14 percent of its workforce.
Former employees have sued after Twitter laid off 3,700 employees following Elon Musk’s acquisition of the company.