Meta is set to cut around 10% of its global workforce, roughly 8,000 employees, in the first phase of major layoffs on May 20.
The Facebook and Instagram parent company is investing heavily in AI, committing hundreds of billions of dollars to reshape the company around the technology.
Further layoffs are being considered for the second half of the year, though specifics such as timing and scale remain undecided.
Meta's shares are up 3.68% year-to-date, though still below their peak from last summer.
The company generated over $200 billion in revenue and $60 billion in profit in 2024 despite heavy AI spending.
