In the coming months, Meta Platforms (META), which is owned by Facebook, intends to eliminate about 10,000 jobs, the business said on Tuesday. The report caused Meta stock to rise.
As a consequence of this round of layoffs, Meta overtook Amazon (AMZN) as the tech firm with the most job cuts. Amazon earlier disclosed that it would eliminate 18,000 jobs.
Our management theme for 2023 is the “Year of Efficiency,” according to Chief Executive Mark Zuckerberg in a statement accompanying the earnings report. “We’re concentrating on becoming a stronger and more nimble organization,” he added. The price of Meta stock soared 18.5% in response to the earnings release.
Other tech giants — such as Walmart (WMT), Google Alphabet (GOOGL), Microsoft (MSFT), eBay (EBAY), Tesla (TSLA), Groupon (GRPN) also have seen a spike in their stock today.
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