Meta (META) plans 8,000 layoffs on May 20, representing 10% cut

Meta (META) will initiate layoffs affecting approximately 10% of its global workforce, equating to around 8,000 employees, on May 20. Further layoffs are anticipated in the second half of the year, with no specific details provided yet. This marks the company's most significant job reduction since late 2022 when it laid off about 21,000 workers. Despite these cuts, Meta's shares have increased by 3.68% since the start of the year, and the company reported over $200 billion in revenue and $60 billion in profit last year.