Metereta Platforms Inc. will cut costs by at least 10% over the next few months and will rely more on layoffs as part of the push, according to This Wall Street Journal.
The company, which owns Facebook, Instagram and WhatsApp, avoided outright layoffs. But Meta is pushing more employees out of the company by restructuring departments and giving employees only a short time to find new positions, Magazine The report quoted people familiar with the matter as saying.
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The report suggests that Meta has become more aggressive in cutting costs. Meta has said it will slow hiring and re-prioritize key projects and programs. The company said on its first-quarter earnings call that annual expenses would be about $3 billion lower than initially projected, trimming its estimate by as much as $95 billion.
The Menlo Park, Calif.-based company did not immediately respond to a request for comment.
Investors initially cheered the cost-cutting news on Wednesday. The stock fell as much as 1.5% earlier in the day, but rose nearly 1% to a session high. But it later pared gains and was down 0.1% as of 1:20 p.m. in New York.
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Meta has also been cutting some long-term hardware projects, including a planned dual-camera Apple Watch competitor. The company even delayed assigning jobs to summer interns to cut costs.
Despite the slowdown in hiring, Meta reported that it had 83,553 full-time employees as of June 30, up 32% from the previous year.
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