Shares of Meta Platforms, Inc. (META) are regaining ground during Friday morning trading after moving down more than 2 per cent yesterday, following several media reports that the tech giant plans to cut 10 percent of its workforce, about 8,000 employees, starting May 20.
Citing an internal memo, the reports added that Meta would not be filling thousands more open jobs it had been hiring for. One of the main reasons for the layoffs is the company's increased spending on artificial intelligence infrastructure and development projects, for which it is expected to spend $135 billion this year, the reports suggested.
The company's shares are currently trading at $663.18 on the Nasdaq, up 0.61 percent. The stock opened at $660.32 and has climbed as high as $663.16 so far in today's session. Over the past year, it has traded in a range of $520.26 to $796.25.
For comments and feedback contact: editorial@rttnews.com
Business News
June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.