Daily Management Review

WSJ: Meta to cut thousands of jobs


According to sources, Meta Platforms intends to start a significant job cuts. It will be the organization's first significant layoff in 18 years.

WSJ: Meta to cut thousands of jobs
On Wednesday, Meta will make the cuts public. Employees have been instructed to postpone any unnecessary travel. According to the WSJ, thousands of employees may be impacted by the downsizing. Meta chose not to respond to the information.

The company employs more than 87,000 workers in total. The newspaper doesn't say how many workers would be let go, but it does point out that the percentage is lower than Twitter's reductions. Following Elon Musk's purchase of Twitter in November, Twitter cut half of its workforce.

In late October, Meta released their third quarter earnings. The company's revenue decreased for the first time since the previous quarter, falling 4% to $27.7 billion, the second-largest revenue reduction in Meta's history. Investors were let down by a 52% decline in net income to $4.4 billion, which caused Meta's stock to drop 20% on Wednesday. As a result, the company's market capitalization dropped by around $65 billion to $350 billion.

source: wsj.com