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Meta Stock Soars After It’s Said the Company Plans to Cut Expenses by 10% In the Following Months.

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Meta Stock (NASDAQ:META)

Meta stock price is going up in line with a report that the company is shifting its cost focus to reducing expenses by at least 10% over the next several months.

The phrase “layoffs” hasn’t been used very much by the corporation; instead, they have focused on hiring slowdowns and freezes, which is a strategy quite similar to the one that rival Alphabet (NASDAQ:GOOG) has implemented (NASDAQ:GOOGL). According to The Wall Street Journal, Meta stock has recently gained some attrition by rearranging regions and squeezing people into limited windows to apply for new responsibilities. This has resulted in some of the company’s employees leaving the company.

It is expected that this will be the first step in a more extensive round of layoffs as Meta Platforms (NASDAQ:META) works toward its goal of achieving a 10% reduction in operating expenses, some of which are expected to result from reductions in overhead and consulting costs, but the majority of which are expected to result from a reduction in employment.

The price of Meta stock reversed course and moved into positive territory, gaining 0.4% as of lunchtime on Wednesday.

Some workers at Google (NASDAQ:GOOG) (NASDAQ:GOOGL) have been told they must look for new employment opportunities within the next three months to keep their current positions. This policy was implemented as recently as last week when Meta Platforms (NASDAQ:META) told approximately fifty percent of the more than one hundred workers working in its Area 120 facility that they needed to find new employment within the next three months.

According to the report, Google usually offers employees sixty days to look for other jobs once they leave the company.

In July, Meta CEO Mark Zuckerberg took a more aggressive stance on jobs, characterizing the current economic downturn as “one of the worst” the company had seen, slashing engineer hiring by 30%, and implying that Meta stock would be “turning up the heat” on existing hires who are unable to meet ambitious goals.

Featured Image-  Megapixl @ Sigoisette

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