According to reports from Bloomberg, which reached the Meta Platforms (META.US) report, the company is planning further layoffs of thousands of employees, which are likely to be finalized next week because the company wants to meet its financial targets. The news pleased the stock market, as investors had previously accused the company of imprudent disposition of funds, among other things. Shares gain before opening up 2%
- In November, Meta announced the first wave of layoffs in its history, affecting 11,000 employees (13% of FTEs). However, the next round of layoffs was widely expected among employees.
- Mark Zuckerberg admitted on a conference call after the results that this year will be a 'year of efficiency' for the company. The company is also undergoing 'efficiency reviews' - For the stock market, this is further proof that these were not 'empty words.'
- According to Bloomberg, the company is still working on efficiency and streamlining its decision-making model by offering more influence to top managers and removing entire teams it deems unnecessary;
- This week's round of layoffs according to media reports is solely due to meeting financial targets and is not related to team performance. A Meta spokesman declined to comment to Bloomberg on the plans;
- Last week, the company announced that the price of the headset, for virtual reality (AR/VR) Meta Quest Pro will be significantly reduced from $1499.99 to $999.99. Similarly, the 256 GB version of the Quest 2 will cost $429.99, rather than $499 as at present. In a statement, the company said the reason for the reductions is to make the devices available to as many people as possible around the world but the likely reason is to reduce inventory and stimulate demand during inflation when consumers control spending.
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appMeta Platforms (META.US) shares, D1 interval. The price climbed above the SMA100 and SMA200 but still failed to cross the 71.6 Fibonacci retracement.At this point, the main resistance level is the $200 level. Short-term support, on the other hand, is the $170 price bottom of the January correction. Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
