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The Blubber

Mark Zuckerberg Confirmed 13% of Meta Staff Will Lose Their Jobs—Company to Lay Off Over 11,000 Employees
11/9/2022

Per CNBC

Mark Zuckerberg has confirmed in a letter to employees that 13% of Meta employees will lose their jobs. The company is letting go of 11,000 employees and will extend their hiring freeze through the first quarter.

Meta shares spiked 4% in premarket trading.

Investors were concerned about the 19% jump in costs and expenses YOY for Q3 at $22.1 billion. Overall sales dropped 4% to $27.71 billion while operating income dropped 46% from $5.66 billion of 2021.

As of the end of September, Meta had 87,000 employees. After letting go of 11,000 staff, they will be left with just 76,000.

See full $META flow at unusualwhales.com/flow.

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