Target lays off thousands of employees as stock slides: report

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(The Hill) – Target will lay off thousands of employees this week as it downsizes amid falling stock prices, The Wall Street Journal reports.

The layoffs could be the biggest ever for Facebook’s parent company, according to a report, with headcount expected to exceed even major reductions on Twitter last week. However, with Facebook’s headcount of more than 87,000, that will be a smaller portion of its total workforce.

Other tech companies, such as Amazon, Netflix and Google’s parent Alphabet, were as well announcing layoffs and hiring freezes as the sector continues to feel the pressure of high prices and the looming possibility of a recession.

The industry, which thrived in the early days of the COVID-19 pandemic, is seeing profits slow in the post-Covid-19 economic environment.

A spokesman for Meta declined to comment on the layoffs, but called The Hill for recent ones comments from CEO Mark Zuckerberg.

“In 2023, we will focus our investments on a small number of high-priority growth areas. So that means some teams will grow significantly, but most other teams will stay flat or shrink over the next year,” Zuckerberg said on the company’s latest earnings call.

“Overall, we expect to end 2023 either as an organization of roughly the same size or even slightly smaller than we are today,” he added.

Ride-hailing service Lyft announced last week that it would do so reduced 13 percent of employeesand online payment giant Stripe said it was laying off workers 14 percent of employees.

Former staff members have sued over Twitter’s move to lay off 3,700 employees after Elon Musk took over the company.