secwatch.observer — SEC 8-K summary
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Issuer:     Meta Platforms, Inc. (META)
CIK:        0001326801
Form:       8-K
Filed at:   2022-11-09T23:59:59+00:00
Accession:  0001326801-22-000116
Event type: other_material
Sentiment:  negative
Materiality: 0.95
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1326801/000132680122000116/0001326801-22-000116-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1326801/000132680122000116/meta-20221109.htm
  HTML page:      https://secwatch.observer/filing/0001326801-22-000116

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer