The job cuts could be announced as soon as Wednesday.
The report said the pink slips could number in the “many thousands” and potentially comprise the “largest round” of cuts conducted by any major tech firm during a recent wave of layoffs.The looming bloodbath could also constitute the most extensive reduction of head count in Meta’s history, according to the report.The layoffs are expected during one of the worst slumps in Meta’s history.
“So that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year,” Zuckerberg said during the company’s third-quarter earnings call last month. “In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today.”Meta shares were up more than 5% in early trading Monday.
One such shareholder Altimeter Capital Management, recently described the company’s spending on the metaverse as “terrifying, The firm penned an open letter urging Meta to conduct layoffs and trim spending to improve its balance sheet.
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