Meta Profit Jumps 61% Yet Cuts 8000 Jobs as AI Spend Surges

Billions in AI data center costs drive the cuts

Meta says first-quarter 2026 profits jumped 61% to $26.8 billion and revenue rose 33% to $56.3 billion, with earnings per share beating forecasts. Still, the company plans about 10% layoffs and eliminates thousands more roles, citing productivity gains to fund a major AI push. Capital expenditure guidance also climbs as data center spending accelerates.