The Afterhours: Meta layoffs coming Wednesday; Intel plans to IPO a new standalone business
Published: 18:58 03 Oct 2023 EDT
Meta Platforms Inc (NASDAQ:FB) plans to lay off employees from its Reality Labs division on Wednesday, according to reporting from Reuters.
Workers were informed through Meta’s internal discussion forum that they would find out about their employment status by early Wednesday morning, according to a source familiar with the matter.
Meanwhile, Intel Corporation (NASDAQ:INTC) announced plans to spin out its programmable chip division as a standalone business starting in January and ultimately hold an initial public offering within three years, the company announced Tuesday.
The chipmaker has tapped Sandra Rivera, who currently leads its broader data center and AI group, to oversee the new Programmable Solutions Group.
Elsewhere, a major system outage affected some of the busiest rail routes in Canada on Tuesday afternoon.
Toronto commuters experienced extensive rush-hour disruptions as the city's regional rail system grappled with a "network-wide system failure.”
The disruption was attributed to an internet collapse at Canadian National Railway (NYSE:CNI) Co. (CN Railway), affecting regional GO Train network operations and the UP Express, the only rail link to Toronto’s Pearson Airport.
