Facebook-parent organization Meta will become the last addition in the recent incidents of firing off employees by tech giant companies, reports AFP.
They’re planning to lay off thousands of employees this week, according to US media reports on Sunday.
The layoffs could impact "many thousands" of Meta employees; however an announcement was expected as soon as Wednesday.
As of September 30, Meta had about 87,000 employees worldwide across its different platforms, which include social media sites Facebook and Instagram as well as messaging platform Whatsapp.
In his announcement of Meta's disappointing third quarter results, CEO Mark Zuckerberg said the firm's staff would not increase by the end of 2023, and might decrease slightly.
The latest plans from Meta follow recent announcements by other tech firms to freeze hiring or cut their workforce as the industry fights economic headwinds.
Last Thursday, Silicon Valley firms Stripe and Lyft announced large-scale layoffs while Amazon said it would freeze hiring in its corporate offices.
Twitter, freshly acquired by Elon Musk, and abruptly fired about half of its 7,500 employees last week.
Ad-supported platforms such as Facebook and Alphabet's Google are suffering from advertisers' budget cuts as they struggle with inflation and rising interest rates.
Meta in the third quarter saw its profits fall to $4.4 billion, a 52 percent decrease year-over-year.
Bd-pratidin English/Lutful Hoque
