What's Going On With Meta Platforms Stock Today?

Meta Platforms Inc META shares are trading higher Tuesday following reports suggesting the company is planning more layoffs as soon as this week.

What To Know: According to a Bloomberg report citing people familiar with the matter, Meta plans to cut "thousands of employees" as soon as this week.

The news comes just a few months after Meta laid off 11,000 employees, representing about 13% of its workforce as part of its restructuring efforts to become more efficient. 

Related Link: Meta Layoffs Not Over Yet? Zuckerberg To Reportedly Finalize Plan To Fire Thousands More This Week

The new round of cuts is separate from the "flattening" that had been ongoing at the Mark Zuckerberg-led company. On the company's most recent earnings call, Zuckerberg called 2023 "the year of efficiency" for Meta.

Shares reacted positively to prior jobs cuts and appear to be moving higher in the wake of new reports pointing to continued cuts. 

META Price Action: Meta has a 52-week high of $236.86 and a 52-week low of $88.09.

The stock was up 2.03% at $188.66 at time of publication, according to Benzinga Pro.

Photo: Gerd Altmann from Pixabay.