Meta is planning to reduce its workforce by about 10 per cent affecting roughly 8,000 employees.

The company also intends to leave around 6,000 currently vacant positions unfilled according to Bloomberg.

An internal memo sent to staff on Thursday said the job cuts will begin on May 20.

Reuters had earlier reported that Meta was preparing for broad layoffs across the company.

Meta has invested tens of billions of dollars into its metaverse initiatives, which have so far delivered limited results.

At the same time, the company has been ramping up spending on artificial intelligence to stay competitive with rivals in the sector.

Earlier this month, it also unveiled a significantly revamped AI product called Muse Spark.

Meta had not responded to AM Business for comment at the time this report was filed.