As stock prices continue long sharp slide, Facebook reportedly looking at 10% cost cuts, layoffs

Meta employees reportedly being given option to re-apply for shifted jobs.

Updated: September 21, 2022 - 3:43pm

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Facebook parent company Meta is reportedly looking at slashing its costs by up to 10% amid faltering prospects and a long, sharp decline in the valuation of its company, according to media reports. 

The company is "looking to trim its costs by at least 10% within the next few months," the Wall Street Journal reported on Wednesday, citing "people informed of the company’s plans."

While some of those cost reductions "will come from cuts to overhead and consulting budgets ... much of it is expected to come from reduced employment," the paper claimed. 

The news comes as Meta's stock valuation has been on a roughly year-long slide. Peaking at nearly $380 per share in September of last year, the company's stock has sharply declined since then, hitting around $140 this week, its lowest in roughly four years. 

Meta spokesman Tracy Clatyon said the company has "been public about the need for our teams to shift to meet these challenges."

The spokesman "declined to say how many employees have been affected by the recent moves," the Journal reported.

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