Meta Platforms Inc.’s latest job cuts are resonating with investors, helping put the company on track to finish with a market capitalization above $500 billion for the first time since June.
Shares of Meta META were up about 7% in afternoon trading Tuesday after the company announced plans to cut 10,000 more workers over several months. In November, Meta announced more than 11,000 layoffs.Meta’s afternoon move puts the company on pace to close out Tuesday’s session with valuation upward of $500 billion for the first time since June 8, 2022, according to Dow Jones Market Data. The stock would need to close at or above $192.85 to hit the mark. It recently changed hands at $193.52.
What’s changed for Meta recently? Chief Executive Mark Zuckerberg and his team are listening to what Wall Street wants. Investors were jittery last fall when Meta talked up big spending plans despite growth pressures, but Meta’s management got the message and instituted the first round of big job cuts, followed by Tuesday’s second wave of cuts.
Thinning the herd
That's an impressive milestone! Congratulations to the team behind it.
That's great news! It's encouraging to see the market doing well. Investing
This is great news! It's a sign of how far the meta sector has come in the last 9 months.
Impressive! This is great news for the tech industry. TechGrowth
This is great news! It's encouraging to see the meta valuation reach this milestone. Metavaluation
Let me guess, growing revenue? Oh… I mean, laying off people. Pathetic US Stock Market. Poised to crash
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