Meta Platforms Inc. is cutting costs by at least 10% in the coming months and will rely more heavily on downsizing as part of the effort, according to the The Wall Street Journal.
The company, which owns Facebook, Instagram and WhatsApp, has avoided outright layoffs. But Meta is forcing more employees out of the company by reorganizing departments and giving workers only a short time to find new positions, Journal reports, citing unidentified people familiar with the situation.
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The report said Meta has become more aggressive in its efforts to cut costs. Meta has already said it will slow down hiring and re-prioritize key projects and initiatives. During its first-quarter earnings call, the company said annual costs would be roughly $3 billion lower than originally projected, narrowing the estimated range of as much as $95 billion.
The Menlo Park, Calif., company did not immediately respond to a request for comment.
Investors initially welcomed news of the cost cuts on Wednesday. Shares, which had fallen as much as 1.5% earlier in the day, rose nearly 1% to a session high. But it later pared gains and was down 0.1% at 1:20 p.m. in New York.
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Meta also scaled back some long-term hardware projects, including a planned dual-camera Apple Watch competitor. The company even delayed giving jobs to its summer interns as a way to cut costs.
Despite the slowdown in hiring, Meta reported that it had 83,553 full-time employees as of June 30, a 32% year-over-year increase.
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