(The Hill) – Meta is laying off thousands of employees this week as it plans to downsize amid falling stock prices, The Wall Street Journal reports.
The layoffs could be the biggest ever for Facebook’s parent company, according to the report, with the number of employees expected to even surpass Twitter’s significant cuts over the past week. However, with more than 87,000 Facebook employees, that will be a smaller portion of the overall workforce.
Other tech companies such as Amazon, Netflix and Google parent Alphabet have also announced layoffs and imposed hiring freezes as the sector continues to feel pressure from high prices and the looming possibility of a recession.
The industry, which thrived in the early days of the COVID-19 pandemic, is seeing declining profits in the post-COVID-19 economic landscape.
A meta spokesman declined to comment on the layoffs, but referred The Hill to CEO Mark Zuckerberg’s recent comments.
“In 2023, we will focus our investments on a small number of high-priority growth areas. So that means some teams will grow significantly, but most other teams will be flat or shrink over the next year,” Zuckerberg said on the company’s most recent conference call.
“Overall, we anticipate ending 2023 in either roughly the same size or even a slightly smaller organization than today,” he added.
Ride-hailing service Lyft last week announced it would cut 13 percent of its workforce, and online payments giant Stripe announced it would lay off 14 percent of its employees.
Former employees have sued Twitter’s move to lay off 3,700 employees after Elon Musk took over the company.
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https://wgntv.com/news/nexstar-media-wire/meta-to-lay-off-thousands-of-employees-as-stock-slides-report/ Meta Fires Thousands of Employees in Stock Slide: Report