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Meta (META.US) is reportedly set to continue its layoffs, affecting departments such as Instagram, WhatsApp, and Reality Labs.

AInvestThursday, Oct 17, 2024 3:50 am ET
1min read

Meta (META.US) is reportedly cutting jobs across several departments, including Instagram, WhatsApp and Reality Labs, according to people familiar with the matter.A spokesperson for Meta said in a statement that some teams are being restructured to align with the company's long-term strategic goals and positioning."The restructuring includes moving some teams to different locations and moving some employees to different roles," the spokesperson said. "In cases where a role is eliminated, we are working to find other opportunities for the affected employees."The reports did not specify the exact number of job cuts, but said they were few. Meta did not comment on the numbers.Separately, Meta reportedly fired 24 more employees in Los Angeles for allegedly using expense reimbursements for household items like acne pads, cups and laundry detergent at a rate of $25 a day.The firings were separate from the team reorganization that took place last week, according to reports. Meta declined to comment on the reports.Meta has cut about 21,000 jobs since November 2022 to keep costs low, with CEO Mark Zuckerberg calling 2023 the "year of efficiency."The stock has risen more than 60% this year.Meta's recently released second-quarter earnings beat market expectations and its third-quarter sales forecast was upbeat, indicating that strong digital ad spending on its social media platforms can offset the cost of its AI investments.

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