Facebook parent company Meta announced 11,000 layoffs on Wednesday, the most significant job cuts in the tech giant’s history.
The layoffs come as Meta faces a number of challenges in its core business and makes a risky and costly bet on pivoting to the metaverse. It also follows a string of layoffs at other tech firms in recent months as the high-flying sector responds to high inflation, rising interest rates, and fears of a recession.
“Today, I’m sharing some of the most difficult changes we’ve made in Meta’s history,” CEO Mark Zuckerberg wrote in an employee blog post. “I’ve decided to reduce our team size by about 13% and let go of over 11,000 of our talented employees.”
The job cuts will affect many areas of the company, but Meta’s recruiting team will be particularly hard hit because “we’re planning to hire fewer people next year,” according to Zuckerberg’s post. With few exceptions, he added, a hiring freeze would be extended until the first quarter. According to a September SEC filing, Meta had over 87,000 employees in September.
Apple’s privacy changes, advertisers’ tightening budgets, and increased competition from newer rivals like TikTok have all harmed Meta’s core ad sales business. Meanwhile, Meta has been spending billions of dollars to create the metaverse, a future version of the internet that is likely to be years away from widespread acceptance. The company reported its second quarterly revenue decline last month and said its profit was cut in half from the previous year. Meta’s market value has dropped from more than $1 trillion last year to around $250 billion.
“I want to accept responsibility for these decisions and how we arrived here,” Zuckerberg wrote in his post on Wednesday. “I know this is difficult for everyone, and I’m especially sorry for those who have been affected.”
In recent months, a number of technology companies have announced hiring freezes or job cuts, often after experiencing rapid growth during the pandemic. Last week, ride-hailing company Lyft announced layoffs of 13% of its workforce, and payment-processing company Stripe announced layoffs of 14% of its workforce. The same day, e-commerce behemoth Amazon announced a moratorium on corporate hiring.
Also last week, as its new owner, Elon Musk, took the helm of Facebook rival Twitter, the company announced mass layoffs affecting roles across the board.
Aside from the layoffs, Zuckerberg stated that the company will “roll out more cost-cutting changes” in the coming months. Meta, like other tech behemoths, is rethinking its real estate needs and “transitioning to desk sharing for people who already spend the majority of their time outside the office,” he said. “Overall,” he said, “this will add up to a meaningful cultural shift in how we operate.”
50 comments
Great write-up, I am regular visitor of one¦s site, maintain up the nice operate, and It is going to be a regular visitor for a lengthy time.
FitSpresso is a weight loss supplement developed using clinically proven ingredients extracted from natural sources.
I have recently started a web site, the information you provide on this web site has helped me greatly. Thank you for all of your time & work.
SightCare is a vision enhancement aid made of eleven carefully curated science-backed supplements to provide overall vision wellness.
I not to mention my pals ended up digesting the best techniques on your web page and then all of a sudden I got a horrible feeling I had not expressed respect to you for those strategies. Those young boys came thrilled to study all of them and now have extremely been taking advantage of these things. I appreciate you for really being very kind and for deciding upon this kind of great useful guides millions of individuals are really wanting to be aware of. Our honest regret for not saying thanks to earlier.
Thanks for any other informative blog. Where else may I get that type of information written in such a perfect way? I’ve a project that I am just now working on, and I have been on the look out for such information.
I’m very happy to read this. This is the kind of manual that needs to be given and not the random misinformation that’s at the other blogs. Appreciate your sharing this greatest doc.
There is evidently a bundle to realize about this. I suppose you made certain nice points in features also.
Just what I was looking for, regards for putting up.
I’m very happy to read this. This is the kind of manual that needs to be given and not the random misinformation that’s at the other blogs. Appreciate your sharing this best doc.
I’d have to examine with you here. Which is not one thing I usually do! I take pleasure in reading a post that may make folks think. Additionally, thanks for permitting me to comment!
Thanks for sharing superb informations. Your website is very cool. I’m impressed by the details that you have on this blog. It reveals how nicely you perceive this subject. Bookmarked this website page, will come back for extra articles. You, my pal, ROCK! I found just the information I already searched all over the place and just couldn’t come across. What a great web-site.
We’re a group of volunteers and starting a brand new scheme in our community. Your web site provided us with helpful information to work on. You have done an impressive job and our whole neighborhood can be thankful to you.
Dead composed written content, thanks for information .
Hey there, You have done an incredible job. I will definitely digg it and personally suggest to my friends. I’m sure they’ll be benefited from this web site.
I enjoy the efforts you have put in this, thanks for all the great posts.
What is ProvaDent? In the dynamic landscape of dental care, innovation is key to improving patient experience and outcomes
geinoutime.com
그래서… 작업장 전체가 Zhu Houzhao를 압도하기 시작했습니다.
Nice post. I learn something more challenging on different blogs everyday. It will always be stimulating to read content from other writers and practice a little something from their store. I’d prefer to use some with the content on my blog whether you don’t mind. Natually I’ll give you a link on your web blog. Thanks for sharing.
magnificent publish, very informative. I’m wondering why the opposite experts of this sector don’t realize this. You must continue your writing. I am sure, you have a huge readers’ base already!
hello there and thank you for your information – I have definitely picked up anything new from right here. I did however expertise a few technical points using this web site, as I experienced to reload the website many times previous to I could get it to load correctly. I had been wondering if your web host is OK? Not that I am complaining, but slow loading instances times will often affect your placement in google and could damage your high quality score if ads and marketing with Adwords. Well I’m adding this RSS to my email and can look out for a lot more of your respective interesting content. Make sure you update this again very soon..
I?¦ve been exploring for a little for any high quality articles or blog posts in this kind of area . Exploring in Yahoo I eventually stumbled upon this site. Studying this information So i?¦m glad to exhibit that I’ve a very good uncanny feeling I found out exactly what I needed. I most no doubt will make certain to do not omit this site and provides it a glance regularly.
I really enjoy reading through on this internet site, it has got fantastic blog posts. “Beware lest in your anxiety to avoid war you obtain a master.” by Demosthenes.
Thank you for sharing excellent informations. Your website is so cool. I am impressed by the details that you’ve on this blog. It reveals how nicely you perceive this subject. Bookmarked this website page, will come back for extra articles. You, my pal, ROCK! I found just the information I already searched everywhere and simply couldn’t come across. What a perfect web-site.
Great blog here! Also your website loads up very fast! What host are you using? Can I get your affiliate link to your host? I wish my web site loaded up as fast as yours lol
I like this blog very much, Its a very nice post to read and incur information.
What Is Sugar Defender? Sugar Defender is a meticulously crafted natural health supplement aimed at helping individuals maintain balanced blood sugar levels. Developed by Jeffrey Mitchell, this liquid formula contains 24 scientifically backed ingredients meticulously chosen to target the root causes of blood sugar imbalances.
he blog was how do i say it… relevant, finally something that helped me. Thanks
Great V I should certainly pronounce, impressed with your site. I had no trouble navigating through all the tabs as well as related information ended up being truly easy to do to access. I recently found what I hoped for before you know it at all. Quite unusual. Is likely to appreciate it for those who add forums or anything, web site theme . a tones way for your client to communicate. Nice task..
Hello! Would you mind if I share your blog with my twitter group? There’s a lot of folks that I think would really enjoy your content. Please let me know. Many thanks
This is a very good tips especially to those new to blogosphere, brief and accurate information… Thanks for sharing this one. A must read article.
You made some fine points there. I did a search on the subject and found most people will have the same opinion with your blog.
You actually make it seem so easy with your presentation but I find this topic to be actually something which I think I would never understand. It seems too complex and extremely broad for me. I’m looking forward for your next post, I will try to get the hang of it!
You are a very clever person!
I like what you guys are up also. Such clever work and reporting! Carry on the superb works guys I have incorporated you guys to my blogroll. I think it’ll improve the value of my website 🙂
Thank you for sharing superb informations. Your website is so cool. I’m impressed by the details that you have on this site. It reveals how nicely you perceive this subject. Bookmarked this web page, will come back for more articles. You, my pal, ROCK! I found just the information I already searched everywhere and just couldn’t come across. What a perfect site.
Cellu care
Sight Care reviews
Cellucare review
I regard something really special in this web site.
Lottery defeater software
Opinipix funciona
Opini pix paga
Fitspresso
Dentavim
Fitspresso review
Fitspresso
Dentavim
I am glad to be a visitor of this staring web site! , regards for this rare info ! .
Heya i’m for the first time here. I found this board and I find It really useful & it helped me out much. I hope to give something back and aid others like you aided me.