03:36 AM EDT, 10/18/2024 (MT Newswires) -- (Update to add company's comments in second and fifth paragraph)

Meta Platforms ( META ) is laying off employees across several divisions, including Instagram, WhatsApp and Reality Labs, The Verge reported Wednesday, citing people familiar with the matter.

The company is moving some teams to different locations and reallocating employees, with efforts made to find new opportunities for those affected, a Meta spokesperson told MT Newswires.

The report did not specify the exact number of job cuts.

Separately, the Financial Times reported that Meta terminated about two dozen employees in Los Angeles for allegedly misusing their $25 daily meal credits to purchase household items.

"A few teams at Meta are making changes to ensure resources are aligned with their long-term strategic goals and location strategy", the Meta spokesperson said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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