Meta Platforms Inc will start laying off employees on Wednesday morning, Chief Executive Mark Zuckerberg told hundreds of executives on Tuesday, the Wall Street Journal reported.
Meta reported more than 87,000 employees at the end of September.
Mark Zuckerberg appeared downcast in Tuesday’s meeting and said he was accountable for the company’s missteps and his over-optimism about growth had led to overstaffing, the report said.
He described broad cuts and specifically mentioned the recruiting and business teams as among those facing layoffs. An internal announcement of the company’s layoff plans is expected around 6 a.m. Eastern time on Wednesday.
The specific employees losing their jobs will be informed over the course of the morning.
Meta’s head of human resources, Lori Goler, said employees who lose their jobs will be provided with at least four months of salary as severance.
Microsoft also laid off around 1,000 employees across several divisions in October, according to an Axios report.