Meta laying off more than 11,000 employees
Summary
The layoffs come amid a tough time for Facebook parent company Meta, which provided lukewarm guidance in late October for its upcoming fourth-quarter earnings that spooked investors and caused its shares to sink nearly 20%. Zuckerberg said during a call with analysts as part of its third-quarter earnings report that Meta plans to "focus our investments on a small number of high priority growth areas" during the next year. 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 Id expected. Weve shifted more of our resources onto a smaller number of high priority growth areas — like our AI discovery engine, our ads and business platforms, and our long-term vision for the metaverse. Weve cut costs across our business, including scaling back budgets, reducing perks, and shrinking our real estate footprint.
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