MENLO PARK, Calif. (KRON) — Meta will lay off thousands of employees in the near future, according to a report from Bloomberg on Monday night. Meta, which owns Facebook and Instagram, terminated more than 11,000 employees in its first round of layoffs in November.

According to Bloomberg, Meta has seen its advertising revenue slow down, and some in leadership roles were asked to make lists of employees that can be let go. The report said the layoffs could be finalized by the end of the week.

After the November layoffs, CEO Mark Zuckerberg cited factors such as “macroeconomic downturn,” “increased competition,” and “ads signal loss” for why he needed to terminate positions.

“At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth,” Zuckerberg wrote in a company blog post. “Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I did too, so I made the decision to significantly increase out investments. Unfortunately, this did not play out the way I expected.”

Zuckerberg also shared details about the company’s severance package after the November cuts. A payout for remaining paid time off, six months of health insurance and 16 weeks of base pay were all included.

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If the layoffs happen, Meta would join DocuSign, eBay and Google as companies that have conducted layoffs in recent weeks. When reached for this story, Meta declined to comment on potential layoffs.