Meta is planning to follow Twitter's lead and lay off ‘thousands’ of employees this week, media outlets reported on Monday.
This step is expected to be effective on Wednesday, according to The Wall Street Journal.
CEO Mark Zuckerberg mentioned that the company will “focus their investments on a small number of high-priority growth areas.”
In the same vein, Meta’s chief product officer Chris Cox warned its employees of “serious times’ mentioning that employees must “execute flawlessly in an environment of slower growth.”
In the third quarter (Q3) of 2022, the tech giant reported net profits worth $4.4 billion, a 52% year-on-year (YoY) plunge. Meta’s stock price too took a major hit, falling by 25% in one day.
During the Q3-22 results, Zuckerberg announced that the company’s staff will not be increasing by the end of 2023 and instead decrease slightly.
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