“Facebook-parent Meta is planning the first significant layoffs in its history as the company grapples with a shrinking business and fears of a looming recession, according to the Wall Street Journal.

“The job cuts are expected to impact thousands of workers and could begin as early as this week, the Journal reported over the weekend, citing unnamed people familiar with the matter. Meta has a headcount of more than 87,000, according to a September SEC filing.

“Meta declined to comment on the report.

“On a conference call last month to discuss its earnings results for the third quarter, CEO Mark Zuckerberg said that he expects the company to end 2023 “as either roughly the same size, or even a slightly smaller organization than we are today.””

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