Meta Platforms will let go of 13% of its workforce, or more than 11 000 employees, in one of the biggest tech layoffs this year
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 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. “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,” CEO Mark Zuckerberg said in a message to employees.Zuckerberg stressed on the need to become more capital efficient and said the company would shift resources to “high-priority growth areas” such as its AI discovery engine, ads and business platforms, as well as its metaverse project.
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