New Delhi, 7/11: Meta plans to lay off employees this week, three people with knowledge of the situation said, adding that the job cuts were set to be the most significant at the company since it was founded in 2004.
It was unclear how many people would be cut and in which departments, said the people, who declined to be identified because they were not authorized to speak publicly. The layoffs were expected by the end of the week. Meta had 87,314 employees at the end of September, up 28% from a year ago.
Meta has been struggling financially for months and has been increasingly clamping down on costs. The Silicon Valley company, which owns Facebook, Instagram, WhatsApp and Messenger, has spent billions of dollars on the emerging technology of the metaverse, an immersive online world, just as the global economy has slowed and inflation has soared.