Meta shares jump after report on plans for layoffs of 20% or more
The Hindu
Meta Platforms shares rose nearly 3% on Monday after a Reuters report that the social media giant plans to lay off 20% or more of its workforce to offset heavy spending
Meta Platforms shares rose nearly 3% on Monday after a Reuters report that the social media giant plans to lay off 20% or more of its workforce to offset heavy spending on artificial intelligence and bet on productivity gains from the technology.
If Meta settles on the 20% figure, the cuts will be the biggest since a late 2022 and early 2023 restructuring it dubbed the “year of efficiency”, which eliminated around 21,000 jobs.
After falling behind in the AI race, Meta has spent heavily in recent years to catch up by building data centres and waging a talent war. It expects a capital outlay of up to $135 billion in 2026, roughly double of last year’s spending.
The expenditure is meant to secure the cloud capacity needed to train and run AI models, and Meta will spend up to $27 billion for such services from Nebius under a deal on Monday.
While the spending has powered improvements in Meta’s ad-tools and boosted sales, it has yet to roll out an AI model that can challenge industry leaders OpenAI, Anthropic and Google.
Meta has been working on a new model called Avocado, but the performance of that model has also lagged expectations.
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Meta is planning sweeping layoffs that could affect 20% or more of the company, three sources familiar with the matter told Reuters
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