Facebook parent Meta is laying off 11,000 people, about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes, CEO Mark Zuckerberg said in a letter to employees Wednesday.
Wednesday, November 9, 2022 1:29PMFacebook parent Meta is laying off 11,000 people, about 13% of its workforce, CEO Mark Zuckerberg said in a letter to employees Wednesday.Facebook parent Meta is laying off 11,000 people, about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes, CEO Mark Zuckerberg said in aThe move comes just a week after widespread layoffs at Twitter under its new owner, billionaire Elon Musk.
An economic slowdown and a grim outlook for online advertising - by far Meta's biggest revenue source - have contributed to Meta's woes. This summer, Meta posted its first quarterly revenue decline in history, followed by another, bigger decline in the fall.Some of the pain is company-specific, while some is tied to broader economic and technological forces.
Meta has worried investors by pouring over $10 billion a year into the "metaverse" as it shifts its focus away from social media. CEO Mark Zuckerberg predicts the metaverse, an immersive digital universe, will eventually replace smartphones as the primary way people use technology.
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Facebook parent Meta cuts 11,000 jobs, 13% of workforceFacebook parent Meta is laying off 13% of its employees as it contends with faltering revenue and broader tech industry woes.
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Facebook parent Meta cuts 11,000 jobs, 13% of workforce | amNewYorkFacebook parent Meta is laying off 11,000 people, about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes, CEO Mark Zuckerberg said in a letter to employees Wednesday.
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Facebook parent Meta cuts 11,000 jobs, 13% of workforceFacebook parent Meta is laying off 11,000 people, about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes, CEO Mark Zuckerberg said in a letter to employees Wednesday.
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Facebook parent Meta cuts 13% of workforceAn economic slowdown and a grim outlook for online advertising have contributed to Meta’s woes.
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Facebook Parent Meta Trims 13% of Workforce, Citing Lack of Post-Pandemic Growth“I got this wrong, and I take responsibility for that,” Mark Zuckerberg writes in a memo to staff announcing a reduction of 11,000 employees.
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Facebook parent Meta cuts 11,000 jobs, 13% of workforceFacebook parent Meta is laying off 13% of its employees as it contends with faltering revenue and broader tech industry woes.
Read more »