Meta, the parent company of Facebook and Instagram, plans to knock out thousands of employees this week.

The Wall Street Journal reports this as several technology companies are announcing such measures due to the economic crisis.

According to the American newspaper, Meta could be the most substantial social plan in the sector. On September 30, Meta had approximately 87,000 employees worldwide.

In the recent publication of the quarterly results, CEO Mark Zuckerberg indicated that the group’s workforce would not increase by the end of 2023 but would decrease slightly. Meta’s third-quarter net profit fell 52 percent compared to the same period last year, to $4.4 billion.

The group’s stock lost nearly a quarter of its value on Wall Street a day after the results were announced. In one year, Meta saw nearly $600 billion in market value go up in smoke.