Meta Platforms (NASDAQ: META) is preparing for more job cuts, according to reports. CEO Mark Zuckerberg is looking to remove middle managers in order to flatten the company structure. It is expected that thousands of jobs are on the chopping block, which is on top of the roughly 11,000 layoffs the company performed in November.
This isn’t really a surprise, given the macroeconomic headwinds and the growing number of job cuts seen across the tech industry. In addition, Meta has recently given out tough performance reviews, which signaled to many that another round of layoffs was on its way.
Overall, Wall Street analysts have a consensus price target of $215.20 on META stock, implying 25.30% upside potential, as indicated by the graphic above.