Meta shares up on report it's set to begin mass layoffs

Shares of Facebook proprietor Meta were up astir 5% Monday pursuing a Wall Street Journal report implicit the play saying the institution could commencement wide layoffs arsenic soon arsenic Wednesday.

In the archetypal large simplification successful headcount successful the company's history, the layoffs could interaction thousands of employees, according to the Journal. The institution said it had 87,000 employees arsenic of the extremity of September.

A Meta spokesperson did not remark connected the study but pointed to CEO Mark Zuckerberg's comments Meta's net telephone past month.

"In 2023, we're going to absorption our investments connected a tiny fig of precocious precedence maturation areas," Zuckerberg said astatine the time. "That means immoderate teams volition turn meaningfully, but astir different teams volition enactment level oregon shrink implicit the adjacent year. In aggregate, we expect to extremity 2023 arsenic either astir the aforesaid size, oregon adjacent a somewhat smaller enactment than we are today."

The institution has seen its banal autumn 72% this twelvemonth arsenic it's tried to motorboat a caller strategy focused connected gathering the metaverse. It's marketplace headdress present sits beneath $260 billion.

-CNBC's Ashley Capoot contributed to this report.

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