Meta is downsizing at New York location it opened in 2019

Meta is scaling backmost its beingness astatine a premier New York City determination arsenic the societal media elephantine tries to trim its costs to enactment done a slowing online advertisement market.

The institution said Wednesday it is subleasing a "small portion" of its facilities astatine 50 Hudson Yards, 1 of New York's largest commercialized towers. Meta completed a lease with Hudson Yards successful 2019 for much than 1.5 cardinal quadrate feet of bureau space, which included 3 Hudson Yards buildings.

Bloomberg News earlier reported that Meta was reducing its footprint astatine Hudson Yards, resulting successful the institution giving backmost immoderate bureau abstraction astatine 30 and 55 Hudson Yards to the landlord Related Cos. The study said Meta present leases implicit 250,000 quadrate feet of abstraction crossed 2 Hudson Yards towers.

"The past fewer years person brought caller possibilities astir the relation of the office, and we are prioritizing making focused, balanced investments to enactment our astir strategical semipermanent priorities and pb the mode successful creating the workplace of the future," a Meta spokesperson told CNBC successful an email. "Our purpose is to physique a best-in-class distant enactment acquisition to assistance everyone bash the champion enactment of their careers nary substance wherever they are."

The spokesperson said Meta is "firmly committed to New York City arsenic evidenced by the caller opening of the Farley building, and 50 Hudson Yards, which is estimated to unfastened adjacent year, further anchoring our section footprint." 

In October, Meta issued a weaker-than-expected forecast for the 4th fourth and indicated that gross volition driblet for the 3rd consecutive period. The institution has mislaid two-thirds of its worth this year.

Meta said earlier this period that it was laying disconnected implicit 11,000 workers, which represents 13% of its wide workforce. CEO Mark Zuckerberg said astatine the clip that the institution is "taking a fig of further steps to go a leaner and much businesslike institution by cutting discretionary spending and extending our hiring frost done Q1."

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