Meta Platforms (NASDAQ:META) stock is falling in early trading, and the company is generating headlines in the financial news media this morning. That’s because the firm will reportedly eliminate thousands of additional positions today, according to Marketwatch. The website cited an unnamed person as its source for the news.
According to Vox, about 4,000 Meta employees may lose their jobs today in the social media company’s latest round of job cuts.
Meta’s Facebook, WhatsApp, Instagram and Reality Labs businesses will all be affected by the job cuts, Bloomberg reported, citing a company memo. Included in the Reality Lab unit are Meta’s virtual reality projects.
The layoffs are part of the cost-cutting measures outlined by Meta’s CEO, Mark Zuckerberg, last month.
Since Zuckerberg announced the massive expense reductions on March 14, the company’s shares have taken off. In the last month, shares have jumped 9%, while they have soared 64% in the last three months.
InvestorPlace Contributors Are Bullish on META Stock
Despite the stock’s gains, a number of InvestorPlace contributors have been bullish on the shares in recent weeks. David Moadel, for example, is upbeat on Meta’s metaverse projects. In his March 29 article, he contended that the company’s initiatives in this area could boost its growth going forward.
Another InvestorPlace contributor, Muslim Farooque, is optimistic about Meta’s efforts in the artificial intelligence space, writing that those projects could produce “windfall revenues” for Mark Zuckerberg’s company.
Also touting the shares recently was investment bank Piper Sandler. In a note to investors last week, the firm wrote that it was bullish on the company due to its expense reductions and a trend of higher prices for the ads on its platforms.
On the date of publication, Larry Ramer did not have (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.
