the Wall Street Journal Y New York Times reported Sunday that the parent company of Facebook and Instagram will cut its 87,300-strong workforce sometime this week, the company’s first round of widespread layoffs since its founding nearly two decades ago. None of the media published a precise number of projected job losses, although the Daily he said they will total “many thousands of employees.”

By now, the layoffs should come as little surprise.

Meta CEO Mark Zuckerberg has warned in recent months that his company would need to cut spending and headcount, largely citing the global economic stagnation and slowing growth in ad spending.