Facebook Parent Meta Gears for Mass Layoffs Amidst Revenue Drop: WSJ

The company’s planned head reduction is expected to be the largest round in a recent series of tech job cuts.

Meta’s Mark Zuckerberg earlier stated that the social media giant’s staff could be smaller next year. Rationalizing office space was yet another area that the company was focusing on.At the end of September, Meta reported over 87,000 employees, during which the company froze hiring. The company also asked its employees to cancel any non-essential travel starting this week. The upcoming layoff is expected to affect thousands of them, and the official announcement may come as early as Wednesday.

Meta’s operating margin also declined to 20% from 36% a year earlier, and the overall net income was down 52% to $4.4 billion in the third quarter. As a result, the company was reportedly sharpening its control over costs and monitoring head count. On its third-quarter earnings last month, Zuckerberg said,“So that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year.

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