Meta reveals 55% drop in profits after mass layoffs

Facebook’s parent firm recorded a 55% drop in profits during the final quarter of 2022 – the result of a $4.2bn restructuring charge that included the cost of thousands of job cuts.

Meta Platforms, which also includes WhatsApp and Instagram in its stable, said its net income profit measure slumped to $4.65bn between October and December.

That was
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