The bloodshed in the big tech world continues after a year of slowing sales and profits and a de facto valuation being put back in the hands of Apple. Active Federal Reserve.
Meta said on Wednesday it will cut 13% of its workforce as it seeks to shift resources to Mark Zuckerberg’s metaverse project and appease angry shareholders.
Meta stock jumped 8% on the news, reducing its year-to-date decline to 69%.
Meta is top trending codes on the Yahoo Finance platform until early afternoon.
Meanwhile, a source familiar with the matter said Yahoo Finance Salesforce has laid off nearly 1,000 employees this week. The decision was made a few months after Salesforce Marc Benioff tell Yahoo Finance that he’s serious about improving margins.
Salesforce shares fell slightly in Wednesday trading.
The charts below from Battery Ventures shed light on why big-name home tech companies are cutting the fat — and how many are doing so.
Chart 1: Compressed valuations on software stocks as interest rates rise.
Figure 2: The number of tech companies announcing layoffs has skyrocketed.
Brian Sozzi is a great editor and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and more LinkedIn.
David Hollerith is a Yahoo Finance senior reporter covering the stock and crypto markets. Follow him on Twitter at @DsHollers.
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