Meta plans 10% layoffs as AI spending soars: Source
Meta plans to lay off around 8,000 employees and leave thousands of positions unfilled as it invests heavily in artificial intelligence. The move comes as Meta's CEO Mark Zuckerberg prioritizes delivering 'superintelligence' in a costly AI race against rivals.
Meta will lay off about 8,000 employees and leave thousands of other positions unfilled next month. The move comes as CEO Mark Zuckerberg prioritizes delivering 'superintelligence' in a costly AI race against rivals including Amazon, Google, Microsoft, and OpenAI. Meta is ramping up spending to record highs, announcing multi-billion-dollar deals with AI partners. The company anticipates capital expenditures in the $115 billion to $135 billion range this fiscal year. Meta reported quarterly earnings that topped market expectations in January, with revenue growing along with investments in AI. Costs tallied $35.15 billion, a 40% increase from the same period a year earlier.
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