Meta is planning to lay off “many thousands of employees” beginning this week.
The announcement could come as soon as Wednesday, The Wall Street Journal reports, citing people familiar with the matter.
Meta currently has over 87,000 employees.
Staff have been bracing for cuts since the summer. In June, founder and CEO Mark Zuckerberg told employees in a call: “Realistically, there are probably a bunch of people at the company who shouldn’t be here.”
Meta’s headcount ballooned 28% in the past year despite a year-over-year decrease in revenue.