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Facebook and Instagram owner reportedly dismisses about 24 workers for abusing $25 meal credit system
Meta Platforms Inc (NASDAQ:META, ETR:FB2A, SWX:FB) is laying off employees across its units, including Instagram, WhatsApp, and Reality Labs, as part of its ongoing effort to streamline operations, according to an exclusive in the tech magazine The Verge. The exact number of job cuts is unclear, though the layoffs are reported to be small.
Multiple teams at Meta were hit by layoffs on Wednesday, the company confirmed in a statement to TechCrunch, noting these changes were made to reallocate resources within the company. The layoffs appear to have hit employees working on Threads, recruiting, legal operations, and design, among other teams, according to social media posts announcing the layoffs seen by TechCrunch.
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Shares of Meta Platforms, Spotify, and Netflix are trading at hefty prices.
The company is scheduled to report quarterly financial results that could have huge implications for stock market investors.
Facebook parent company Meta must face lawsuits by U.S. states accusing it of encouraging social media addiction among teens, a federal judge in California ruled on Tuesday.
Which are the best buys among Alphabet (Google), Amazon, Meta Platforms (Facebook), Tesla, Apple, Nvidia, and Microsoft?
Cathie Wood is betting big on Tesla and Meta Platforms as the AI revolution kicks into gear.
I expect Meta to deliver $40.5 billion in revenue in Q3, with a Reality Labs loss upward of $4.5 billion. Based on data from WARC Media, I estimate Meta could overtake global linear advertising spending in 2025. My valuation analysis and growth forecasts indicate that the company's market cap will contract by 4.3% in 12 months in a base case. This counters my previous bull-case prediction.