Meta, Facebook's owner, is anticipated to announce significant employment cuts.

The job layoffs might be announced as early as Wednesday, according to US media reports.

During Meta's dismal third-quarter results, CEO Mark Zuckerberg stated that staffing may be reduced.

"In 2023, we will concentrate our spending on a small number of high-priority growth areas," he stated.

Meta employs over 87,000 people worldwide across its various platforms, which include Facebook, Instagram, and WhatsApp.

The employment layoffs are the result of difficulties in the tech sector as the industry deals with declining global economic development.

Mr. Zuckerberg predicted that certain teams will "remain flat or decline" over the following year.

"In overall, we plan to end 2023 as around the same size, or even somewhat smaller, than we are today," he said.

As marketers struggle with inflation and rising interest rates, ad-supported platforms such as Facebook and Alphabet's Google are suffering from budget cuts.

Stripe and Lyft announced large-scale layoffs on Thursday, while Amazon declared a hiring freeze at its corporate offices.