The 11,000 job cuts were revealed by Facebook’s parent company Meta on Wednesday.
By Omotayo Olutekunbi
The layoffs represent around 13% of the company’s workers, according to Meta CEO Mark Zuckerberg.
The company, which also owns the photo-messaging service Instagram, just saw its largest wave of layoffs in company history.
“We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1,” Zuckerberg said in a statement.
He emphasized that he had boosted investments since, at the start of the coronavirus epidemic, he had underestimated the internet surge.
“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,” the Meta boss added.
Recently, Meta has suffered a decrease in revenue from its primary source of income, internet platforms like Facebook and Instagram.
The creation of virtual worlds, dubbed the “Metaverse” by Zuckerberg, is also devouring an increasing amount of funding.
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