U.S. markets open in 2 hours 15 minutes
  • S&P Futures

    3,981.75
    +11.50 (+0.29%)
     
  • Dow Futures

    33,900.00
    +29.00 (+0.09%)
     
  • Nasdaq Futures

    11,671.25
    +55.00 (+0.47%)
     
  • Russell 2000 Futures

    1,841.00
    +8.20 (+0.45%)
     
  • Crude Oil

    79.19
    +1.95 (+2.52%)
     
  • Gold

    1,770.30
    +15.00 (+0.85%)
     
  • Silver

    21.53
    +0.41 (+1.92%)
     
  • EUR/USD

    1.0380
    +0.0035 (+0.34%)
     
  • 10-Yr Bond

    3.7030
    0.0000 (0.00%)
     
  • Vix

    22.14
    +1.64 (+8.00%)
     
  • GBP/USD

    1.2020
    +0.0054 (+0.45%)
     
  • USD/JPY

    138.0360
    -0.8650 (-0.62%)
     
  • BTC-USD

    16,493.94
    +264.14 (+1.63%)
     
  • CMC Crypto 200

    390.02
    +9.73 (+2.56%)
     
  • FTSE 100

    7,532.93
    +58.91 (+0.79%)
     
  • Nikkei 225

    28,027.84
    -134.99 (-0.48%)
     

Meta aims to cut costs by at least 10% within next few months - WSJ

Sept 21 (Reuters) - Meta Inc is looking to trim its costs by at least 10% within the next few months, the Wall Street Journal reported on Wednesday, citing people familiar with the company's plans.

The reported figure represents a big jump from the earlier forecast of about 2% to 4% cost cuts that Meta announced in July. (https://on.wsj.com/3Lv3G9s)

To meet its latest target, the Facebook parent has already started nudging out a large number of staffers by reorganizing departments and providing affected employees a limited window to apply for other roles within Meta, the report said.

The idea behind the move is to achieve staffing cuts while forestalling the mass issuance of pink slips, and the reductions are expected to be a prelude to deeper cuts, according to the report.

Meta on Wednesday reiterated its plans to steadily reduce headcount growth over the next year in an emailed response.

The company's business has taken a hit in recent months as recession fears and competitive pressures hit digital ads sales.

Reuters had reported in June that Meta had cut plans to hire engineers by at least 30% this year as it prepares for a deep economic downturn.

(Reporting by Savyata Mishra in Bengaluru; Editing by Shinjini Ganguli)