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How will Meta's stock price change by March 31, 2025 after layoff announcement?
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Story
Meta to Cut 5% of Workforce—About 3,600 Jobs—Targeting Low Performers
Jan 14, 2025, 05:42 PM
Meta Platforms Inc. plans to cut approximately 5% of its workforce, or about 3,600 jobs, targeting low-performing employees, according to an internal memo sent to staff by CEO Mark Zuckerberg on Tuesday. The company aims to "raise the bar on performance management and move out low-performers faster," with the intent of backfilling their roles this year. The layoffs, expected to occur in the U.S. on February 10, come as Meta focuses on building "the most important technologies in the world," including advancements in artificial intelligence. This marks the third round of major layoffs at Meta in the past three years and follows last fall's reduction of 11,000 jobs. Meta expects to reach 10% attrition by the end of the performance cycle.
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