The Meta Platforms Inc. pavilion on the opening day of the World Economic Forum (WEF) in Davos, Switzerland, on Monday, May 23, 2022.
Jason Alden | Bloomberg | Getty Images
Shares of Facebook proprietor Meta had been up about 5% Monday following a Wall Street Journal report over the weekend saying the corporate may begin mass layoffs as quickly as Wednesday.
In the primary main discount in headcount within the firm’s historical past, the layoffs may impression 1000’s of workers, in keeping with the Journal. The firm mentioned it had 87,000 workers as of the tip of September.
A Meta spokesperson didn’t touch upon the report however pointed to CEO Mark Zuckerberg’s feedback Meta’s earnings name final month.
“In 2023, we’re going to focus our investments on a small number of high priority growth areas,” Zuckerberg mentioned on the time. “That means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year. In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today.”
The firm has seen its inventory fall 72% this yr because it’s tried to launch a brand new technique targeted on constructing the metaverse. It’s market cap now sits beneath $260 billion.
-CNBC’s Ashley Capoot contributed to this report.
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