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Facebook owner Meta sheds 11 000 jobs

Published On: 10. November 2022 3:05

Meta, which owns Facebook, Instagram and WhatsApp, has announced that it will be laying off 11 000 staff, amounting to 13% of its global workforce of 87 000.

Meta chief executive Mark Zuckerberg said the cuts were ‘some of the most difficult changes we’ve made in Meta’s history’.

The BBC reports that the news follows major lay-offs at Twitter, which cut about half its staff, and at other tech firms.

In a statement to staff, Zuckerberg said the company was ‘also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze’.

Zuckerberg said at the start of Covid ‘the world rapidly moved online and the surge of e-commerce led to outsized revenue growth’.

Many predicted that ‘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. Unfortunately, this did not play out the way I expected. 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.’

He said that he viewed ‘layoffs as a last resort’, and so had decided ‘to rein in other sources of cost before letting teammates go’.

‘Overall, this will add up to a meaningful cultural shift in how we operate. For example, as we shrink our real estate footprint, we’re transitioning to desk sharing for people who already spend most of their time outside the office. We’ll roll out more cost-cutting changes like this in the coming months.’

Looking ahead, he said of Meta: ‘We do historically important work. I’m confident that if we work efficiently, we’ll come out of this downturn stronger and more resilient than ever.’

[Image: https://www.flickr.com/photos/quintanomedia/46985049684]

Categories: Dan BonginoTags: , Daily Views: 1Total Views: 16
girl-freed-after-family-hides-her-for-seven-yearsGirl freed after family hides her for seven years
museveni-calls-out-european-climate-hypocrisyMuseveni calls out European climate hypocrisy