Shares of Meta Platforms (NASDAQ: META) charged sharply higher Wednesday morning, climbing as much as 8.7%. By 1 p.m. ET, the stock was still up 6.8%.

It's been a brutal year for the social media titan, but the stock got a boost as the company announced plans to rein in costs with a substantial round of layoffs.

Meta Platforms has announced plans to cut its workforce by more than 11,000 staff, or roughly 13% of its employees. CEO Mark Zuckerberg said in a missive to personnel that the company plans to cut workers at all levels of its business, noting that the recruiting and business teams would be hit the hardest. 

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Source Fool.com