© Reuters Upcoming job cuts at Meta to be roughly the same magnitude as last year's - WSJMETA -1.20% Add to/Remove from WatchlistShares of Meta Platforms (META) rose 1.5% in after-hours trading Friday after the Wall Street Journal reported the company is set to lay off more staff over the coming months. These job cuts are likely to be implemented in multiple rounds. Ultimately, Meta could cut as many jobs as it did in 2022 - roughly 13% of its workforce. CEO Mark Zuckerberg said on a recent earnings call that 2023 will be a “year of efficiency” at Meta. Meta’s Reality Labs, the company’s business unit that produces virtual reality (VR) and augmented reality (AR) hardware and software, is expected to close down projects, including those that produce some wearable devices.

Source: Wall Street Journal March 11, 2023 16:27 UTC