Facebook parent company Meta plans to cut thousands of jobs as soon as this week in a fresh round of layoffs, Bloomberg
reported Monday.

The latest job cuts would follow a rough 2022 for the social-networking giant. In November, the company cut 11,000 workers, representing about 13% of its workforce. It also reported its first revenue drop and saw a decline in daily active users on Facebook.

Meta CEO Mark Zuckerberg said in February that the company is focused heavily on efficiency in 2023 as it continues to invest in the metaverse and artificial intelligence. The cutbacks come as advertisers pull back spending amid economic uncertainty.

Zuckerberg said in a November blog post that the company ramped up hiring during the pandemic as people spent more time shopping online and using social media. But this bump in online activity didn’t last, and the company also faced other challenges, such as the economic downturn and increased competition from short-form video app TikTok.

At the same time, the company has been trying to invest more in the metaverse, virtual spaces where people can work, play and socialize. Part of that focus is a new $1,500 virtual reality headset the company introduced in October.

With the rise in popularity of AI programs such as ChatGPT, Meta been doubling down on the use of AI to recommend videos or posts that users could be interested in on Facebook and Instagram

Meta declined to comment on the report.