The company faces difficult economic conditions and is investing heavily in its metaverse push.
Facebook's parent company Meta is reportedly planning to begin large-scale lay-offs this week that will affect thousands of employees.During Meta's disappointing third quarter results, chief executive Mark Zuckerberg said staffing might fall.
The plans for job cuts follow difficulties across the tech sector as the industry contends with slowing global economic growth."In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organisation than we are today," he said. Mr Zuckerberg has said he expects the metaverse investments to take about a decade to yield positive results.The social media company in June cut plans to hire engineers by at least 30%, with Mr Zuckerberg warning employees to brace for an economic downturn.
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