Meta is planning to cut 10% of its workforce, which would affect around 8,000 employees, according to a report from Bloomberg.
The company also reportedly plans to stop hiring for 6,000 positions that are currently open.
An internal memo sent to employees on Thursday said the job cuts are expected to begin on May 20. Reuters had earlier reported that Meta was preparing for broad layoffs across the company.
Meta has not officially commented on the report.
According to the memo, Chief People Officer Janelle Gale told employees the decision is part of the company’s ongoing effort to operate more efficiently while balancing other investments.
She reportedly said the move was difficult and would involve letting go of employees who had made meaningful contributions during their time at Meta.
The company previously spent tens of billions of dollars on its metaverse strategy, which did not deliver the expected results. At the same time, Meta has been increasing its spending on artificial intelligence to stay competitive in the fast-moving AI market.
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Earlier this month, Meta introduced its redesigned AI product called Muse Spark as part of that push.
