Meta is laying off hundreds of employees, source says

March 25 (Reuters) - Meta ‌Platforms is ​laying ​off a few hundred people across multiple teams on Wednesday, a source familiar ‌with the matter told Reuters.

Reuters reported earlier this ⁠month that Meta was planning sweeping layoffs that could affect ‌20% or more of ‌the company's workforce and that top executives had signaled the plans to other senior leaders and ​told them to begin planning how to pare back.

Wednesday's layoffs were on a smaller scale. ⁠According to an earlier report in The Information, the cuts would ​affect Meta's Reality Labs division, social media teams and recruiting operations.

"Teams across Meta regularly ​restructure or implement changes to ‌ensure they’re in the best position to achieve their goals. Where possible, ⁠we are finding other opportunities for employees whose positions may be impacted,” a Meta spokesperson said in a statement.

The ⁠Facebook parent is seeking to offset rising costs tied to ​massive investments in artificial intelligence, having forecast total expenses of $162 billion to $169 billion in 2026, and rising employee compensation ‌as the company spends millions to hire top AI talent.

Meta had nearly ‌79,000 employees as of December 31, according to ⁠its annual filing.

(Reporting by ‌Katie Paul in ​New York and Harshita Mary Varghese in Bengaluru; Editing by Sahal Muhammed and Bill ‌Berkrot)

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