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Meta Gains on Report Social-Media Giant to Cut Costs at Least 10%

Meta Platforms Ahead Of Earnings Figures
Photographer: Gabby Jones/Bloomberg
Updated on

Meta Platforms Inc. is cutting costs by at least 10% in the coming months and will rely more on employee attrition as part of the push, according to the Wall Street Journal.

The company, which owns Facebook, Instagram and WhatsApp, has avoided outright layoffs. But Meta is pushing more employees out of the company by reorganizing departments and only giving the workers a short time to find new positions, the Journal reported, citing unidentified people familiar with the situation.