14:06 ET -- Meta Platforms Inc. is one of the most talked about companies in the U.S. across all news items in the last 12 hours, according to Factiva data. The Facebook and Instagram parent said it plans to cut 11,000 employees, or about 13% of its staff, across all businesses. Chief Executive Mark Zuckerberg said he was over-optimistic about growth and overstuffed the workforce, according to a report from The Wall Street Journal. The layoffs are Meta's first major job cuts since its inception in 2004. The company is also reducing office space, moving to desk sharing and extending a hiring freeze. Meta shares were recently up 6% at $102.23. Dow Jones & Co. owns Factiva. (jennifer.tershak@wsj.com)

 

(END) Dow Jones Newswires

November 09, 2022 14:21 ET (19:21 GMT)

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