Major layoffs hit Facebook and Instagram owner Meta Platforms Inc. as the company says it will lay off about 11,000 employees, or about 13% of its global workforce.
CEO Mark Zuckerberg announced the decision in an email to staff on Wednesday morning.
“Today I’m sharing some of the toughest changes we’ve made in Meta’s history,” Zuckerberg wrote. “I have decided to reduce the size of our team by approximately 13% and let go of more than 11,000 of our talented employees. We are also taking some additional steps to become a leaner and more efficient company by cutting back on discretionary spending and extending our hiring freeze through the first quarter.”
Zuckerberg added that the company is cutting its workforce and implementing the freeze because it wants to operate more efficiently and because “the revenue outlook is lower than we expected at the beginning of this year.”
More to come.