Meta is cutting 5% of its workforce, or more than 3,600 employees

Meta plans to cut 5% of its workforce, or about 3,600 workers, with the social media giant focusing on eliminating low-performing employees. 

The layoffs, earlier reported by Bloomberg News, were confirmed by Meta, which had about 72,400 employees as of Sept. 30. In a memo published by Bloomberg and confirmed by Meta, CEO Mark Zuckerberg said the company's plan reflects the anticipation of an "intense year" that will focus on technology such as artificial intelligence and smart glasses. 

"I've decided to raise the bar on performance management and move out low-performers faster," Zuckerberg wrote in the memo.