Meta cuts 11,000 jobs (13% of workforce); lowers 2023 expense and capex outlook

Meta Platforms, Inc.

Layoff of approximately 11,000 employees, or about 13% of workforce, across Family of Apps and Reality Labs.
2023 total expense outlook lowered to $94-100B from $96-101B; capex narrowed to $34-37B from $34-39B.
Hiring freeze extended through Q1 2023; additional cost-cutting including desk sharing and reduced real estate.
Severance: 16 weeks base pay plus 2 weeks per year of service; healthcare coverage for 6 months.
Q4 2022 revenue outlook unchanged at $30-32.5B; 2022 expense outlook unchanged at $85-87B including severance.

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