Meta will begin laying off employees on Wednesday morning

Facebook parent Meta Platforms Inc. is planning to begin widespread job cuts on Wednesday, according to people familiar with the matter, part of a plan to reduce costs at the social-media giant following disappointing earnings and a drop in revenue.

Employees who are affected will be told starting Wednesday morning, and Chief Executive Officer Mark Zuckerberg spoke to executives on Tuesday to prepare them for the cuts, said the people, who asked not to be identified discussing private information. On the executive call, Zuckerberg said he was accountable for the company’s “missteps,” according to the Wall Street Journal.