Meta Platforms Inc META shares are trading higher Monday following reports suggesting the company is planning to announce layoffs as soon as this week.
According to a Wall Street Journal report citing people familiar with the matter, Meta is planning to begin large-scale layoffs.
Company officials reportedly began telling employees to cancel nonessential travel, beginning this week. Thousands of employees are expected to be impacted by the layoffs.
As of the end of September, Meta had more than 87,300 employees. The report indicates that an official announcement could come as soon as Wednesday.
During the company's most recent earnings call, CEO Mark Zuckerberg noted that most teams will stay flat or shrink over the next year.
"In 2023, we're going to focus our investments on a small number of high priority growth areas. So 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," Zuckerberg said.
See Also: After Musk's Mass Twitter Layoffs, Zuckerberg Reportedly Planning Similar Cuts At Meta This Week
META Price Action: Meta has a 52-week high of $353.83 and a 52-week low of $88.09.
The stock was up 3.22% at $93.71 at time of publication, according to Benzinga Pro.
Photo: Gerd Altmann from Pixabay.
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