By Dean Seal

Shares of Meta Platforms Inc. bucked the broader market on Wednesday morning by gaining 7.4%, to $103.60, in early trading after the company told staff that it will cut about 13% of its workforce.

The Facebook and Instagram parent company said it would lay off 11,000 employees across all of its businesses, with recruiters and business teams being affected more than other divisions.

Chief Executive Mark Zuckerberg informed executives of the layoffs on Tuesday, saying he had been over-optimistic about growth and overstuffed the company's workforce, according to a report from The Wall Street Journal.

The layoffs mark Meta's first major set of job cuts since its inception in 2004. It joins a number of companies in the tech sector, including Lyft Inc. and Zillow Group Inc., which are trimming their ranks in bids to cut costs after beefing up their staffs during the pandemic.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

November 09, 2022 11:15 ET (16:15 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
Grafico Azioni Meta Platforms (NASDAQ:META)
Storico
Da Mar 2024 a Apr 2024 Clicca qui per i Grafici di Meta Platforms
Grafico Azioni Meta Platforms (NASDAQ:META)
Storico
Da Apr 2023 a Apr 2024 Clicca qui per i Grafici di Meta Platforms