Meta Platforms (NASDAQ:META) layoffs are a hot topic on Wednesday as reports spread that the Facebook parent company is planning more job cuts.
According to sources, Meta Platforms is considering cutting thousands of jobs in another effort to cut costs. Reducing middle management will allegedly be a big part of these layoffs. That will see the company force some managers into lower roles.
The exact number of the job cuts, or when they will take place, wasn’t revealed by the Meta Platforms insider. What is worth noting is that Meta already cut 11,000 jobs last year due to a weak advertising market.
Investors will remember that Meta Platforms last cut jobs in November. At that time, CEO Mark Zuckerberg reassured investors that no more job cuts were coming. If today’s reports hold true, it could be a sign that things are worse for META than Zuckerberg previously believed.
Meta Platforms Continues Tech Layoffs Trend
Tech companies are announcing plenty of layoffs lately as the current economy keeps them down. Today is also seeing reports that Alphabet (NASDAQ:GOOGL, NASDAQ:GOOG) is preparing to cut 240 jobs in Ireland. Crypto company Polygon (MATIC-USD) announced 100 job cuts as well today.
While news of job cuts can sometimes lift a stock, that’s not happening for Meta Platforms today with shares of META stock down slightly as of Wednesday morning.
Investors looking for more of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock coverage traders need to know about on Wednesday! A few examples include what’s happening with shares of Bed Bath & Beyond (NASDAQ:BBBY), Jeffs’ Brands (NASDAQ:JFBR) and Sorrento Therapeutics (NASDAQ:SRNE) stock today. All of that news is ready to go at the links below!
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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.