Meta Corporation, Facebook's parent company, intends to lay off "thousands of employees," The Wall Street Journal has reported citing informed sources.
According to its third-quarter results, the company's workforce consisted of 87,000 specialists. In 2020-2021, Meta hired more than 27,000 employees, closing 15,344 more positions in the first nine months of this year.
The company has said in a statement it intends to lay off about 11,000 employees or 13% of its workforce.
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Meta has ordered employees to cancel planned business trips.
The mass layoffs could be the first in the company's 18-year history. In absolute terms, they may be the biggest in the tech sector for the year.
The company's CEO Mark Zuckerberg has previously said the company plans to focus investments on a small range of priorities.
He has said:
"In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today."