The layoffs are expected to impact thousands of employees, the report said, and the move would mark the first major headcount reduction in Meta’s history. At the end of September, the company reported that it had more than 87,000 employees.
A representative for Meta did not immediately respond to requests for comment.
Meta shares plummeted 73% this year, falling to their lowest since early 2016, and the social media giant is now the worst performer in the S&P 500 in 2022.
–CNBC’s Jonathan Vanian contributed to this report.