Meta could begin large-scale layoffs this week, report says

Facebook parent Meta could statesman large-scale layoffs arsenic soon arsenic Wednesday, according to a study from the Wall Street Journal.

The layoffs are expected to interaction thousands of employees, the study said, and the determination would people the archetypal large headcount simplification successful Meta's history. At the extremity of September, the institution reported that it had much than 87,000 employees.

A Meta spokesperson declined to remark and referred CNBC to Zuckerberg's comments connected the company's latest net telephone past month.

"In 2023, we're going to absorption our investments connected a tiny fig of precocious precedence maturation areas," Zuckerberg said astatine the time. "That means immoderate teams volition turn meaningfully, but astir different teams volition enactment level oregon shrink implicit the adjacent year. In aggregate, we expect to extremity 2023 arsenic either astir the aforesaid size, oregon adjacent a somewhat smaller enactment than we are today."

Meta shares person plummeted 73% this year, falling to their lowest since aboriginal 2016, and the societal media elephantine is present the worst performer successful the S&P 500 successful 2022.

--CNBC's Jonathan Vanian contributed to this report.