12:25:32 EDT Fri 24 Apr 2026
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Microsoft CDR (CAD Hedged)
Symbol MSFT
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Globe/AP say AI's price is Meta, Microsoft cutting jobs

2026-04-24 08:33 ET - In the News

See In the News (C-META) Meta CDR (CAD Hedged)

The Globe and Mail reports in its Friday edition that Meta Platforms is laying off about 8,000 workers, or around 10 per cent of its work force, the company said Thursday as it continues to increase spending on artificial-intelligence infrastructure and highly paid AI-expert hires. An Associated Press dispatch to The Globe quotes Meta saying it was making the cuts for the sake of efficiency and to allow new investments in parts of its business; the company will also leave about 6,000 jobs unfilled. Also Thursday, Microsoft said it was offering voluntary buyouts to thousands of its U.S. employees. The software giant plans to make the offers in early May to about 8,750 people, or 7 per cent of its U.S. work force. The savings are likely tied to a similar industry upheaval that is requiring huge spending on the costs of AI. Meta has already warned investors that its 2026 expenses will grow significantly -- to the range of $162-billion (U.S.) to $169-billion (U.S.) -- driven by infrastructure costs and employee compensation. Wedbush analyst Daniel Ives welcomed Meta's cuts in a note to investors Thursday, saying he sees it as part of a strategy of using AI tools to "automate tasks that once required large teams."

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