Meta Platforms (NASDAQ:META) stock is on the move Monday as reports circulate that the company is preparing for layoffs and a hiring freeze.
According to insider sources, Meta Platforms will announce thousands of layoffs as early as Wednesday. The exact number is unknown, but thousands of layoffs would be significant. The company currently employs more than 87,000 people.
This news comes after warnings earlier this year from founder and CEO Mark Zuckerberg. The executive noted that a downturn was on the way and advised employees to consider their options. This also follows calls from investors for the social media giant to cut its workforce.
META Stock: Hiring Could Slow Even Further
Zuckerberg has already been reducing the amount of hiring happening at Meta over the last few months. Now, new comments from the company leader have the CEO expecting teams to remain the same size or shrink further in the months to come.
This suggests that Meta Platforms won’t be doing much in the way of hiring as it deals with an economic downturn. The company also has to trim its spending even as it pursues expansion into the metaverse.
Today’s news brings heavy trading to META stock, with some 41 million shares on the move. That’s already above the daily average trading volume of about 38 million shares. META stock is also up 6.1% as of this writing.
Investors looking for more recent stock market news are in luck!
InvestorPlace has all of the latest stock news ready to go for Monday! That includes what has shares of Rivian (NASDAQ:RIVN), Blue Apron (NYSE:APRN) and IAA (NYSE:IAA) stock on the move today. You can catch up on all of that news at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.