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Report: Meta to begin "large-scale" layoffs this week

The company formerly known as Facebook is reportedly preparing to cut "thousands" of jobs.

Meta is reportedly planning major layoffs that could affect "thousands" of employees.

That's according to a report from The Wall Street Journal, which states the layoffs could begin on Wednesday, October 9, and will result in "large-scale" job losses.

It's currently unclear which divisions will be affected by the job cuts, but the news comes just months after The Verge obtained a copy of an internal Meta Q&A session with CEO Mark Zuckerberg in which the company founder said there are "probably a bunch of people at the company who shouldn't be here."

Meta, formerly known as Facebook, rebranded last year to better reflect its new goal of wrangling the nebulous notion of the metaverse into reality.

The company has been burning through cash in order to achieve that aim. Meta's latest fiscal report showed its Reality Labs division which houses its game studios and hardware maker Oculus, is losing more money than ever.

The division posted a loss of $3.67 billion over the three-month period ended September 30, 2022, and pulled in just $285 million in revenue.

Despite that, Meta chief financial office David Wehner said the company still intends to "pace Reality Labs investments such that we can achieve our goal of growing overall company operating income in the long run."

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