Snap Inc SNAP shares are rising Monday in possible sympathy with Meta Platforms Inc META, which is trading higher amid reports the company will announce layoffs this week.
What Happened: According to a Wall Street Journal report citing people familiar with the matter, Meta is planning to begin large-scale layoffs.
Company officials reportedly began telling employees to cancel nonessential travel, beginning this week. The report indicates that an official announcement could come as soon as Wednesday.
As of the end of September, Meta had more than 87,000 employees. Thousands are expected to be impacted by the layoffs.
At the end of August, Snap cut around 20% of its workforce and announced that it would halt several initiatives, including the Snapchat original series.
Both Meta and Snap operate in the social media space.
SNAP Price Action: Snap has a 52-week high of $47.71 and a 52-week low of $7.33.
The stock was up 4.92% at $9.60 at time of publication, according to Benzinga Pro.
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