Wall Street Journal: Meta is planning significant layoffs

Key Facts

• CNN previewed the gaming platform in 2019 01:50 Now playing - Source: CNN CNN Business — Facebook-parent Meta is planning the first significant layoffs in its history as the company grapples with a shrinking business and fears of a looming recession, according to the Wall Street Journal.
• The job cuts are expected to impact thousands of workers and could begin as early as this week, the Journal reported over the weekend, citing unnamed people familiar with the matter.
• The drop in profitability is largely driven by the billions Meta is spending to build a future version of the internet called the metaverse that likely remains years away.
• (After reports of the job cuts, Meta’s stock opened more than 5% higher on Monday morning.) Meta is far from the only tech company said to be rethinking staffing.

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