Meta to cut more than 11,000 jobs in one of biggest U.S. layoffs this year
Facebook owner Meta will lay off more than 11,000 of its staff in "the most difficult changes we've made in Meta's history", boss Mark Zuckerberg said on Wednesday. "I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I'm especially sorry to those impacted," he said in a message to staff.
- Business
- Reuters
- Published Date: 03:09 | 09 November 2022
- Modified Date: 03:09 | 09 November 2022
Meta Platforms Inc said on Wednesday it will let go of 13% of its workforce, or more than 11,000 employees, in one of the biggest tech layoffs this year as the Facebook parent battles soaring costs and a weak advertising market.
The broad job cuts, the first in Meta's 18-year history, follow thousands of layoffs at other major tech companies including Elon Musk-owned Twitter and Microsoft Corp.
The pandemic boom that boosted tech companies and their valuations has turned into a bust this year in the face of decades-high inflation and rapidly rising interest rates.
Meta, whose shares have lost more than two-thirds of their value, said it also plans to cut discretionary spending and extend its hiring freeze through the first quarter.