Meta gave 6 executives options worth up to $921M each, then cut 8,000 jobs after a record $56.3B quarter In April, Meta’s earnings report revealed it (1)had its best first quarter in company history.
Their revenue hit $56.3 billion, up 33% year-over-year, which is the fastest growth it has seen since 2021
Their net income landed at $26.8 billion. And yet, just after the report’s release, Meta stock fell about 7% in extended trading (2). Must Read A week before (3) the earnings report, Meta had notified roughly 8,000 employees they were losing their jobs.
And six weeks before that, it had quietly granted six senior executives stock packages that could be worth as much as $921 million each, if Meta becomes the most valuable company of all time. To do this, Meta would need to beat out Nvidia for that title. That being said, for now, those options pay nothing.