META

By Dean Seal

Shares of Meta Platforms Inc. jumped 6%, to $191.70, in early trading after the company said it would cut about 10,000 jobs in the coming months.

The Facebook parent said before the market opened that the latest round of layoffs would help it become more lean and efficient.

Chief Executive Mark Zuckerberg said in an email to staff that the job cuts would come in multiple rounds and that Meta is canceling some projects and reducing hiring rates. Company recruitment teams would see the first cuts, with restructuring and layoffs in its technology groups planned for late April.

"This will be tough and there's no way around that," Mr. Zuckerberg wrote. "My hope is to make these org changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead."

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

March 14, 2023 10:08 ET (14:08 GMT)

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