Facebook parent company Meta will lay off 11,000 employees, 13% of its workforce, CEO Mark Zuckerberg announced. In a message to employees, Zuckerberg said the company plans to take additional steps “to become a leaner and more efficient company.”
"Unfortunately, this did not play out the way I expected," he said."Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected. I got this wrong, and I take responsibility for that."
Zuckerberg said Meta also would put in place other cost-cutting measures, including shrinking the company's real estate footprint and maintaining a hiring freeze through the first quarter of 2023. In a third-quarter earnings call last month, Zuckerberg had said he expected Meta to enter 2023 with roughly the same headcount.
“In 2023, we're going to focus our investments on a small number of high priority growth areas,” Zuckerberg said. “In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today.”
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