Good morning, CFOs. Meta cuts 600 jobs, but TBD Lab is untouched; activist Robby Starbuck sues Google; plus, GE Vernova swings to a profit.

Federal Reserve officials, who are unable to receive U.S. economic statistics because of the continuing government shutdown, recently lost access to a separate measure of employment data from a third-party provider, reports our Fed correspondent Nick Timiraos.

Payroll-processing company ADP has provided the Fed with access to a data set that includes anonymized information on employment and earnings for millions of workers, since at least 2018. The data had been available to the Fed with a roughly one-week delay—making it both a timely and comprehensive gauge of job-market conditions.

ADP stopped providing its data to the Fed shortly after a speech by Fed governor Christopher Waller in late August drew attention to the central bank’s longstanding use of its weekly payroll data, according to a person familiar with the matter.

Company reaction: Why the change came about is still unclear, Timiraos writes. ADP said the company has historically provided aggregated administrative data, not client data, to the Fed for free as a public service. “We are actively working with the Fed to ensure we can enhance our processes to share this meaningful information in line with our rigorous standards,” the company said.

📆 Earnings: Blackstone, CBRE Group, CenterPoint Energy, Deckers Outdoor, Digital Realty Trust, Dover, Dow, First Citizens BancShares, Ford Motor, Hasbro, Honeywell International, Intel, Newmont, Norfolk Southern, PG&E, Pool Corp., Roper Technologies, Southwest Airlines, Textron, T-Mobile US, Tractor Supply, Union Pacific, Valero Energy and West Pharmaceuticals

Meta Platforms is cutting about 600 jobs in its AI division, according to an internal memo that was viewed by The Wall Street Journal and a person familiar with the matter.

The job cuts will affect the company’s teams focused on AI products, infrastructure and long-term AI research, but won’t touch TBD Lab, the new team that houses the majority of Meta CEO Mark Zuckerberg’s multimillion-dollar hires, the memo said.

“By reducing the size of our team, fewer conversations will be required to make a decision, and each person will be more load-bearing and have more scope and impact,” wrote Alexandr Wang, Meta’s chief AI officer.

📰 Other headlines

• Exclusive: Activist Robby Starbuck Sues Google Over Claims of False AI Info
• Amazon Testing New Warehouse Robots and AI Tools for Workers
• NHL Deal With Kalshi, Polymarket Adds to Pressure on Sports-Betting Companies
• Prysmian Boosts Use of Recycled Copper in U.S. Amid Trade Tension
• Exclusive: The U.S. Is Trying to Drive a Wedge Between Argentina and China
• Beyond Meat Goes Meme: Traders Pile Into Struggling Faux Meat Shares
• Citigroup CEO Jane Fraser Named Chair, Reuniting Roles at the Bank
• Popular Leveraged Funds Shock Investors With Huge Losses

📈 Earnings wrapup

• IBM Sales Jump as Clients Start Scaling AI
• Alcoa Sales, Profit Rise Following Sale of Saudi Arabia Joint Venture
• Tesla Profit Drops Despite Third-Quarter Rush to Buy EVs
• Tesla Supplier STMicroelectronics Expects Lower Annual Sales Amid Slow Recovery in Chip Demand
• Moody’s Lifts Outlook as Profit, Revenue Rise
• Winnebago Swings to Profit as Price Hikes Counter Weaker Demand
• GE Vernova Swings to Profit as Orders Soar
• Reckitt Benckiser Logs Higher Sales as Consumers Spend on Self-Care
• Gucci-Owner Kering’s Sales Continue to Fall as New Boss Strives to Turn Things Around
• Lloyds Banking Group Beats Views Despite Car-Loan Provision Hit
• Hasbro Lifts Outlook as Quarterly Profit, Revenue Rise
• Honeywell Posts Higher 3Q Sales, Raises Earnings View Amid Restructuring

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Pittsburgh-based Howmet Aerospace CFO Ken Giacobbe, who also serves as executive vice president, has decided to retire on Dec. 31, and Patrick Winterlich will join Howmet as executive vice president and CFO, effective Dec. 1, the company said. Winterlich most recently was CFO at aerospace supplier Hexcel Corp.

The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.

Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.

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