Facebook's Meta to announce major layoffs: WSJ

STORY: Meta is planning to begin large-scale layoffs this week that will affect thousands of employees.

That's according to the Wall Street journal, which says announcements are planned as early as Wednesday (November 9), citing people familiar with the matter.

Meta declined to comment on the report.

The Facebook parent in October forecast a weak holiday quarter and significantly higher costs next year, wiping about $67 billion off its stock market value.

That added to the value already lost this year: more than half a trillion dollars in all.

The disappointing outlook comes as Meta is contending with slowing global economic growth and competition from TikTok.

Another big worry concerns its massive spending on the metaverse.

Chief Executive Mark Zuckerberg has said he expects the investments to take about a decade to bear fruit.

In the meantime, he has had to freeze hiring, shutter projects and reorganize teams to trim costs.

The social media company in June cut plans to hire engineers by at least 30%, with Zuckerberg warning employees to brace for an economic downturn.

Meta shareholder Altimeter Capital Management in an open letter to Zuckerberg had previously said the company needs to streamline by cutting jobs and capital expenditure.