Thousands of Meta workers hit by new round of layoffs as company cuts costs

Meta workers are bracing for thousands of additional layoffs as the embattled social media firm continues to cut costs.

A new round of layoffs began on Wednesday, according to a report from CNBC that was confirmed by Meta. The company will cull 4,000 jobs immediately as part of a larger plan to cut 10,000 jobs announced earlier this year, focusing largely on technical roles.

The company reported a peak of 87,000 employees globally in 2022, after a hiring spree that escalated after the Covid pandemic sent online activity booming.

The layoffs come at a time of a broader downturn in the space, with other tech giants including Google, Tesla and Amazon implementing hiring freezes and cuts. The slump has been attributed to many factors as the uncertain economy collides with years of unfettered growth and pandemic-fueled hiring sprees. Amid the turmoil, investors will be watching closely as Meta reports its first quarter earnings results next week.