Facebook parent company Meta is set to lay off thousands of workers this week in what would be the first large workforce reduction in the technology company's 18-year history, The Wall Street Journal reported Nov. 6.
The cuts are expected to be smaller in percentage than the recent round of Twitter layoffs. Meta reported 87,000 employees at the end of September following a COVID-19 pandemic hiring surge.
The company added more than 27,000 workers in 2020 and 2021 combined. Meta's stock price, however, has fallen by more than 70 percent this year.
"While we face near-term challenges on revenue, the fundamentals are there for a return to stronger revenue growth," Meta CEO and founder Mark Zuckerberg said in a third-quarter earnings report. "We're approaching 2023 with a focus on prioritization and efficiency that will help us navigate the current environment and emerge an even stronger company."