Social media and tech giant Meta is reportedly preparing for “large-scale layoffs” this week amid rising costs and the recent collapse of its share price.

According to the November 6 Wall Street Journal (WSJ) report citing people familiar with the matter, the planned layoffs could affect thousands of employees across a wide range of divisions in Meta’s 87,000-person workforce.

It is not currently known whether the company’s Reality Labs division, which posted a $3.7 billion loss in the third quarter, will see staff cuts.

Last week, Meta CEO Mark Zuckerberg said the company would focus its investment on “a small number of high-priority growth areas,” including its artificial intelligence (AI) Discovery Engine and its advertising and advertising platforms. business messaging in…