Meta shares slump as company reportedly sets plans for 10% cost cuts
Fritz Jorgensen/iStock Editorial via Getty Images

Meta Platforms shares (NASDAQ:META) fell almost 3% Wednesday following a report that the company's cost focus has turned to trimming expenses by at least 10% in the next few months.
The company hasn't really leaned on the word "layoffs," and has instead focused on hiring slowdowns and freezes, an approach similar to rival Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL). But, now Meta has gained some attrition through reorganizing areas and then pressing employees into limited windows to apply for new roles, according to The Wall Street Journal.
That's seen as a precursor to deeper cuts as the company pursues a 10% expense reduction - some of which is to come from overhead and consulting cuts, but much of it from reduced employment.
Google (GOOG) (GOOGL) has also required some employees to apply for new jobs in order to remain with the company - including last week, directing about half of the 100-plus employees at its Area 120 to find another job within 90 days.
Google more typically gives employees 60 days to find new roles, according to the report.
Meta (META) Chief Executive Mark Zuckerberg took a more aggressive stance on jobs in July - characterizing the economic downturn as "one of the worst" the company had seen, slashing engineer hiring by 30% and suggesting Meta would be "turning up the heat" on existing hires who can't meet bold goals.