Meta (META) to Lay Off 10% of Workforce, Impacting 8,000 Jobs

AI Summary

Meta Platforms Inc. (META) will reduce its workforce by 10%, resulting in approximately 8,000 job cuts. The layoffs, effective May 20, coincide with plans to halt hiring for 6,000 open positions as the company intensifies its focus on artificial intelligence. This decision follows previous cuts in January and March, where Meta reduced its employee count significantly from 86,482 at the end of 2022 to 78,865 by January 2023. Additionally, Meta shares experienced a decline of 2.4% on Thursday, maintaining an overall stable performance for the year.