Mark Zuckerberg gives a 'my bad,' lays off 11,000 employees across Meta
. “I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go. We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1.”
Zukerberg not only blames the layoffs on increased competition and a downturn in ad revenue but his own misfires in investments at the start of the pandemic.“At the start of COVID, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth. Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I did too, so I made the decision to significantly increase our investments,” Zuckerberg continues.
Moving forward into 2023, Zuckerberg says Meta’s plan is to greatly slow down recruitment—particularly in the Reality Labs division—which focuses on the
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Facebook parent Meta begins mass layoffs of 11,000 workers as Mark Zuckerberg says 'I take responsibility'Massive layoffs at Meta Platforms Inc. began Wednesday, offering a slight boost to the social-media company's beaten-down stock
Read more »
Meta Stock Price Jumps as Mark Zuckerberg Announces 11,000-Plus Job CutsShares of Facebook parent Meta Platforms rose premarket after founder Mark Zuckerberg said the social-media company would cut more than 11,000 jobs. _**Meta stock was recently up 4.6% at $100.
Read more »
Mark Zuckerberg announces Meta will layoff 11,000 employeesBREAKING: Mark Zuckerberg announces that Meta will be laying off 11,000 of its employees — an estimated 13% of its workforce — and will also be taking “a number of additional steps to become a leaner and more efficient company.”
Read more »
Mark Zuckerberg announces Meta will layoff 11,000 employeesMark Zuckerberg has announced that Meta will be laying off 11,000 of its employees -- an estimated 13% of its workforce.
Read more »
Meta to cut 11,000 jobs as Zuckerberg commits to 'long-term' metaverse visionThe move comes just weeks after a punishing earnings report which showed losses for the year topping $9.4 billion.
Read more »
Facebook parent company Meta laying off 11,000 employees, 13% of workforce, Zuckerberg announcesFacebook 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.
Read more »