other material
confidence high
sentiment negative
materiality 0.85
Meta to cut 10,000 jobs, close 5,000 roles; lowers 2023 expense outlook to $86-92B
Meta Platforms, Inc.
- Reducing team size by ~10,000 people and closing 5,000 open roles, following 13% layoff in 2022.
- Full-year 2023 total expense outlook lowered to $86-92B from $89-95B, including $3-5B restructuring costs.
- Tech group layoffs expected late April; business group layoffs in late May, per CEO Mark Zuckerberg.
- Cites difficult economic reality, higher interest rates and geopolitical instability as headwinds.