Meta Platforms stock (NASDAQ:META) is ticking up alongside a report that its 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 rather 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.
Meta stock swung into positive ground and was up 0.4% midday Wednesday.
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 CEO 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.