IAA - Meta Platforms Layoffs 2022: What to Know About Facebook Job Cuts Hiring Freeze
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Meta Platforms (NASDAQ:META) stock is on the move Monday as reports circulate that the company is preparing for layoffs and a hiring freeze.
According to insider sources, Meta Platforms is going to announce thousands of layoffs as early as Wednesday. The exact number is unknown, but thousands of layoffs would be significant as the company employs about 87,000 people.
This comes after warnings earlier this year from founder Mark Zuckerberg. He noted that a downturn was on the way and advised employees to consider their employment options. This also follows calls from investors for the social media giant to cut its workforce.
Hiring Could Slow Even Further
Zuckerberg has already been reducing the amount of hiring happening at Meta these last few months. Now, new comments from the company leader have him expecting teams to remain the same size or shrink further in the coming months.
This suggests that Meta Platforms won’t be doing much in the way of hiring as it deals with an economic downturn. The company also has to trim its spending even as it pursues more expansions to the metaverse.
Today’s news brings heavy trading to META stock with some 41 million shares on the move. That’s already above its daily average trading volume of about 38 million shares. META stock is also up 6.1% as of this writing.
Investors looking for more recent stock market news are in luck!
InvestorPlace has all of the latest stock news ready to go for Monday! That includes what has shares of Rivian (NASDAQ:RIVN), Blue Apron (NYSE:APRN), and IAA (NYSE:IAA) stock on the move today. You can catch up on all of that news at the following links!
More Monday Stock Market News
- RIVN Stock: 3 Key Things to Watch When Rivian Reports Earnings
- Why Is Blue Apron (APRN) Stock Down 15% Today?
- IAA Stock Moves as Ritchie Bros Acquires Company in $7.3 Billion Deal
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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