WZuckerberg returns Silicon Valley to regularly scheduled programming: Morning Brief Wednesday, March 15, 2023
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For the second time in five months, Meta announced it would lay off at least 10,000 employees while taking down another 5,000 open job listings. What Zuckerberg called a "Year of Efficiency" for the company back in February has clearly marked an inflection point in the company's staffing philosophy.
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Taken together with last November's announcement the company would cut 11,000 jobs, Meta's total headcount is headed back towards levels that prevailed nearly three years ago.
... Meta cut its expense guidance for 2023 to $86-92 billion, down from the $89-95 billion forecasted last month. Following this announcement, Mark Mahaney at Evercore ISI raised his price target on Meta Platforms to $305 from $275. Shares of Meta Platforms gained more than 6% on the news. |