Meta Platforms (META) could be slashing jobs across Instagram, WhatsApp, and Reality Labs, according to an exclusive Verge report. A spokesperson for Meta told Reuters that the social media platform company’s select teams are going through changes that are in line with the company’s long-term strategic goals and location-based strategies.
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Meta’s Recent Job Cuts
Though the Verge report did not specify the exact number of layoffs, it described them as relatively small. Meta also declined to provide details on the number of employees affected. Meanwhile, a separate Financial Times article reported that Meta fired two dozen employees in Los Angeles last week. These dismissals were due to the alleged misuse of daily $25 meal stipends to purchase non-food items such as acne pads, wine glasses, and laundry detergent.
Since November 2022, the company has eliminated around 21,000 positions to streamline its operations. Earlier this year, Meta also laid off people at its Reality Labs division to manage expenses.
What Is META’s Target Price?
Analysts remain bullish about META stock, with a Strong Buy consensus rating based on 42 Buys, four Holds, and one Sell. Over the past year, META has increased by more than 75%, and the average META price target of $621.71 implies an upside potential of 7.8% from current levels.
