Facebook Parent Company Meta , Expected To Begin Layoffs Soon.<br />'The New York Times' and 'The Wall Street Journal' reported the layoffs on Nov. 7. .<br />The reporting stated that layoffs of the company's 87,300 employees will likely be implemented sometime during the week.<br />In October, Meta reported that its quarterly profits had dropped by 50 percent.<br />Meta CEO Mark Zuckerberg stated at the time that a majority of “teams will stay flat or shrink over the next year.”.<br />Zuckerberg added that Meta likely would “end 2023 as either roughly the same size, or even a slightly smaller organization than we are today.”.<br />However, he acknowledged in July that there are Meta employees "who shouldn't be here.".<br />I think some of you might decide that this place isn’t for you, and that self-selection is OK with me, Mark Zuckerberg, Meta CEO, <br />via 'The New York Times'.<br />Realistically, there are probably a bunch of people at the company who shouldn’t be here, Mark Zuckerberg, Meta CEO, <br />via 'The New York Times'.<br />While many tech companies reported increased profits during the pandemic.<br />... many of the same companies have struggled in recent weeks.<br />The layoffs at Meta come as other high-profile tech companies have also made significant cuts.<br />Elon Musk, the new owner of Twitter, has laid off half of the company's staff.<br />Lyft also announced a 13 percent reduction in its workforce.<br />Amazon announced a corporate hiring freeze in October, due to the economy being in an "uncertain place."