Meta Platforms Inc said on Wednesday it would cut more than 11,000 jobs, or 13 percent of its workforce, as the Facebook parent doubled down on its risky metaverse bet amid a crumbling advertising market and decades-high inflation. | Reuters
“I got this wrong, and I take responsibility for that.”
“The market is breathing a sigh of relief that Meta’s management or Zuckerberg specifically seems to be heeding some advice, which is you need to take some of the steam out of the growing expenditure bill,” Hargreaves Lansdown analyst Sophie Lund-Yates said. “They’re going to have to continue to rightsize. … Next year is going to be a difficult environment for them,” said Paul McCarthy at Kisco Capital, which previously owned Meta shares.
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