Tech giants, in "crisis"/ After Musk, Zuckerberg is also planning to cut staff

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Facebook's parent company Meta is reportedly planning to begin large-scale layoffs this week that will affect thousands of employees.

US media reported over the weekend that job cuts could be announced as early as Wednesday.

During Meta's disappointing third-quarter results, CEO Mark Zuckerberg said staff may be cut.

"In 2023, we will focus our investments on a small number of high-priority growth areas," he said. Meta has around 87,000 employees worldwide across its various platforms, which include Facebook, Instagram and WhatsApp.

The job-cutting plans follow struggles across the tech sector as the industry grapples with slowing global economic growth.

Zuckerberg said he expected some teams to "stay flat or shrink" over the next year./ CNA.al

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