Meta Platforms Inc (META.O) is planning to begin large-scale layoffs this week that will affect thousands of employees, the Wall Street Journal reported on Sunday citing people familiar with the matter, with an announcement planned as early as Wednesday.

Meta declined to comment on the WSJ report.

Facebook parent Meta in October forecasted a weak holiday quarter and significantly more costs next year wiping about $67 billion off Meta's stock market value, adding to the more than half a trillion dollars in value already lost this year.

Meta grew significantly during the first two years of the coronavirus pandemic, adding more than 27,000 employees in 2020 and 2021. The company’s hiring spree continued through the first nine months of 2022, a period during which it brought on an additional 15,344 employees. While the company was a major beneficiary of the pandemic, its fortunes have changed in recent months. In July, the company reported its first-ever revenue drop. The company has blamed its recent hardships on tough competition from TikTok and the release of Apple’s contentious App Tracking Transparency feature.

At the same time, Mark Zuckerberg’s bid on the Metaverse has so far failed to create new revenue opportunities for the company while costing it dearly. Since the start of 2021, Meta has spent $15 billion to make virtual and augmented reality mainstream with little success. The company expects to lose even more money on the project in 2023.