Meta is planning to begin large-scale lay-offs this week, which will affect thousands of employees, a report says.
The job cuts could come as early as Wednesday and the company has already told employees to cancel non-essential travel from this week, The Wall Street Journal said.
Chief executive Mark Zuckerberg in September outlined plans to reorganise teams and reduce employee numbers for the first time, after a sharp slowdown in growth at the parent of Facebook and Instagram.
The lay-offs come as Meta struggles with growing losses while investing heavily in developing its metaverse business. Its shares have fallen 73 per cent this year.
Meta is contending with slowing global economic growth, competition from TikTok, privacy changes from Apple, concerns about massive spending on the metaverse and the ever-present threat of regulation.
Mr Zuckerberg has said he expects the metaverse investments to take about a decade to bear fruit. In the meantime, he has had to freeze hiring, close down projects and reorganise teams to trim costs.
"In 2023, we're going to focus our investments on a small number of high priority growth areas," he said on the last earnings call, in late October.
"So that means some teams will grow meaningfully but most other teams will stay flat or shrink over the next year.
"In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organisation than we are today."
The social media company had in June cut plans to hire engineers by at least 30 per cent, with Mr Zuckerberg warning employees to brace for an economic downturn.
Meta's shareholder Altimeter Capital Management in an open letter to Mr Zuckerberg had said the company needed to streamline by cutting jobs and capital expenditure.
It said Meta had lost investor confidence as it increased spending and turned to the metaverse.
The cuts will add to already mounting job losses in Silicon Valley. Twitter last week cut nearly 3,700 positions after Elon Musk completed his $44 billion takeover of the social media platform.
Other companies that have also reduced their workforce, or announced plans to, include Lyft and hard drive maker Seagate.
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Company%20profile
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TEAMS
US Team
Dustin Johnson, Jordan Spieth
Justin Thomas, Daniel Berger
Brooks Koepka, Rickie Fowler
Kevin Kisner, Patrick Reed
Matt Kuchar, Kevin Chappell
Charley Hoffman*, Phil Mickelson*
International Team
Hideki Matsuyama, Jason Day
Adam Scott, Louis Oosthuizen
Marc Leishman, Charl Schwartzel
Branden Grace, Si Woo Kim
Jhonattan Vegas, Adam Hadwin
Emiliano Grillo*, Anirban Lahiri*
* denotes captain's picks
THE%20HOLDOVERS
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Stan%20Lee
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THE SPECS
Jaguar F-Pace SVR
Engine: 5-litre supercharged V8
Transmission: 8-speed automatic
Power: 542bhp
Torque: 680Nm
Price: Dh465,071
The specs: 2017 Maserati Quattroporte
Price, base / as tested Dh389,000 / Dh559,000
Engine 3.0L twin-turbo V8
Transmission Eight-speed automatic
Power 530hp @ 6,800rpm
Torque 650Nm @ 2,000 rpm
Fuel economy, combined 10.7L / 100km
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
New Zealand squad
Tim Southee (capt), Trent Boult (games 4 and 5), Colin de Grandhomme, Lockie Ferguson (games 1-3), Martin Guptill, Scott Kuggeleijn, Daryl Mitchell, Colin Munro, Jimmy Neesham, Mitchell Santner, Tim Seifert, Ish Sodhi, Ross Taylor, Blair Tickner
COMPANY%20PROFILE
%3Cp%3ECompany%20name%3A%20CarbonSifr%3Cbr%3EStarted%3A%202022%3Cbr%3EBased%3A%20Dubai%3Cbr%3EFounders%3A%20Onur%20Elgun%2C%20Mustafa%20Bosca%20and%20Muhammed%20Yildirim%3Cbr%3ESector%3A%20Climate%20tech%3Cbr%3EInvestment%20stage%3A%20%241%20million%20raised%20in%20seed%20funding%3Cbr%3E%3C%2Fp%3E%0A