Meta Platforms (NASDAQ:META) might announce another round of layoffs of a size similar to the 13% of its entire workforce it laid off last year, according to the Wall Street Journal. The latest job cuts will be announced in several rounds, with the first wave expected to impact non-engineering roles as soon as next week.
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Furthermore, the company will shut down projects for some wearable devices that were in progress under its hardware and metaverse division, Reality Labs.
The article also mentioned that Meta made an internal announcement about closing its New Product Experimentation group. The unit was created in 2019 to focus on building new consumer-focused apps. In addition, Meta is making efforts to improve efficiency by streamlining management layers and teams.
In a similar fashion, the company paused its Reels Play bonus program, which paid Reels creators on Facebook and Instagram upon hitting certain view counts and other metrics.
Is Meta Stock a Buy?
The company continues to benefit from its cost-saving initiatives, strong engagement across META’s family of apps, and efforts to enhance shareholders’ value through a $40 billion buyback program.
Overall, analysts are currently cautiously optimistic about META stock. Meta has received 35 Buy, six Hold, and three Sell recommendations for a Moderate Buy consensus rating. Shares of the company have rallied 43% so far in 2023.
