Meta laying off employees at WhatsApp, Instagram – report

Meta Platforms (NASDAQ:META) has initiated layoffs across various divisions, specifically targeting teams within WhatsApp, Instagram, and Reality Labs, The Verge reported early on Thursday, citing people with knowledge of the matter.

Although the exact number of job cuts has not been disclosed, reports indicate that they are relatively small in scale.

“Today, a few teams at Meta are making changes to ensure resources are aligned with their long-term strategic goals and location strategy,” company spokesperson Dave Arnold told The Verge. “This includes moving some teams to different locations, and moving some employees to different roles. In situations like this when a role is eliminated, we work hard to find other opportunities for impacted employees,” he added.

Notably, these layoffs follow a broader trend of workforce reductions at Meta (META), which has seen ~21,000 jobs cut since late 2022 and are a part of the broader cost-cutting initiatives, with CEO Mark Zuckerberg labeling 2023 as the “year of efficiency.”

Meta (META) stock has gained about 80% in one year of trade and gets a Seeking Alpha quant rating of ‘Hold‘ with the highest factor grades marked for profitability.

The stock gets a Wall Street analysts’ rating of Strong Buy, with an average price target of $605.62.

Meta (META) is set to release its Q3 earning results on Wednesday, October 30, after market close. Consensus estimate for its Q3 revenue is $40.27B, representing ~18% Y/Y growth.