After Twitter, Meta could announce large-scale layoffs as early as next week, as reported by The Wall Street Journal.
The outlet reports the company is planning to cut “many thousands” of employees, with an announcement coming as soon as Wednesday. Meta currently employs more than 87,000 individuals.
“In 2023, we’re going to focus our investments on a small number of high-priority growth areas. So that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year. “In aggregate, we expect to end 2023 as either roughly the same size or even a slightly smaller organization than we are today.”
CEO Mark Zuckerberg on the company’s recent Q3 earnings call.
Meta grew significantly during the first two years of the coronavirus pandemic, adding more than 27,000 employees in 2020 and 2021. The company’s hiring spree continued through the first nine months of 2022, a period during which it brought on an additional 15,344 employees. While the company was a major beneficiary of the pandemic, its fortunes have changed in recent months.
