Meta Plans to Cut 5% of Workforce

Meta CEO Mark Zuckerberg announced plans to cut approximately 5% of the company's workforce, impacting around 3,600 employees, as part of a strategy to enhance performance management. The layoffs, set to be communicated on February 10, will target low performers, with those affected receiving 'generous severance' packages. Zuckerberg emphasized that the company aims to fill the vacated roles in 2025 while fostering advancements in AI and immersive technology. This decision follows a series of layoffs since 2022, during which Meta reduced its workforce significantly. The company reported a revenue increase of 19% in the third quarter of 2024, indicating ongoing financial growth despite the job cuts. The stock market reacted negatively to the news, with shares dropping over 2%, although they remain up significantly year-over-year.