Facebook’s parent company, Meta is reportedly preparing to slash thousands of jobs as the company struggles with declining advertising revenue
The layoffs are expected to be announced as soon as Wednesday.
Meta has more than 87,000 employees, as company officials advise their staff to cancel all nonessential travel.
Globally, the tech sector is struggling.
The cuts come just days after Twitter boss Elon Musk revealed his plans to halve the workforce at his newly-purchased company.
Payment services company Stripe has also confirmed it will lay off 14 per cent of its headcount, which is around 1,000 people.
Shares in Meta fell by more than a fifth back on October 27 when the company missed its quarterly earnings expectations.
At the time, CEO Mark Zuckerberg said his company is “approaching 2023 with a focus on prioritisation and efficiency that will help navigate the current environment and emerge even stronger”.
“While we face near-term challenges on revenue, the fundamentals are there for a return to stronger revenue growth.”
“We’re approaching 2023 with a focus on prioritisation and efficiency that will help us navigate the current environment and emerge an even stronger company.”
MARK ZUCKERBERG, CEO
