According to a report by the Wall Street Journal, the announcements that "many thousands of people" will be cut could come as soon as Wednesday. Meta says it employs 87,000.
The WSJ report said Meta has told employees to cancel nonessential travel beginning this week. It would be the first large reduction of employees in the company's 18-year history.
Rivals Initiate Layoffs
The round of layoffs by Meta follows that of rival Twitter. The new owner of privately held Twitter, Tesla Chief Executive Elon Musk, is cutting half the staff, or 3,700 people. But reports over the weekend said Twitter asked some laid off workers to come back.
Further, Amazon last week said it would pause corporate hiring. Among other companies, ride-hailing company Lyft said it would cut 700 jobs, about 13% of its workforce.
Also, Stripe last week said it expects to cut 14% of staff. Reports cited a note Chief Executive Patrick Collison sent to his staff. In it, he cited "stubborn inflation, energy shocks, higher interest rates, reduced investment budgets and sparser startup funding."