Snap, Alphabet, Pinterest gain following report of Meta layoffs
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Several advertising and social network-centric stocks were largely higher on Monday after it was reported that Meta Platforms (NASDAQ:META) is preparing to lay off thousands of employees in short order.
Snap (NYSE:SNAP) was among the top gainers, rising more than 7.3% to $9.83 in early Monday trading. Alphabet (NASDAQ:GOOG) (GOOGL), perhaps Meta's (META) largest competitor, also rose, adding 1.3%, while Pinterest (NYSE:PINS) saw more modest gains.

Advertising such as Omnicom (OMC) and The Interpublic Group of Companies (IPG) oscillated between fractional gains and losses.
On Sunday night, it was reported that Facebook's parent company was preparing to cut "many thousands" of jobs in the wake of a disappointing earnings report that included rising costs.
In addition, Meta Platforms (META) told its employees to cancel non-essential travel this week.
At the end of the third-quarter, Meta (META) had approximately 87,000 employees.
Earlier this month, the head of Meta Platforms (META) Indian business exited the company and is slated to take a key role at Snap (SNAP), according to media reports.