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Facebook parent company Meta to lay off more than 11,000 employees
Source
American Shipper
Post Date
11/17/2022

Facebook parent company Meta will lay off more than 11,000 employees, about 13% of its workforce, CEO Mark Zuckerberg announced Wednesday.
In a message to employees, Zuckerberg said the company plans to take additional steps along with the layoffs "to become a leaner and more efficient company."
"The teammates who will be leaving us are talented and passionate, and have made an important impact on our company and community," Zuckerberg wrote. "Each of you have helped make Meta a success, and I’m grateful for it."
Zuckerberg said Meta significantly increased investments, believing surges in e-commerce and people shifting online during the pandemic would remain high.
"Unfortunately, this did not play out the way I expected," he said. "Not only has online commerce returned to prior trs, 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."
Zuckerberg said Meta also would put in place other cost-cutting measures, including shrinking the companys real estate footprint and maintaining a hiring freeze through the first quarter of 2023.
Shares of Meta were up more than 3% in premarket trading.
In a third-quarter earnings call last month, Zuckerberg had said he expected Meta to enter 2023 with roughly the same headcount.
“In 2023, were going to focus our investments on a small number of high priority growth areas,” Zuckerberg said. “In aggregate, we expect to 2023 as either roughly the same size, or even a slightly smaller organization than we are today.”
Tech layoffs growing
Meta is among several tech companies rolling out layoffs, hiring freezes or other measures amid fears of a potential economic recession.
Mass layoffs were instituted at Twitter a week after billionaire Elon Musk completed his deal to acquire the social media company. However, the company reportedly reached out to dozens of fired employees either fired by mistake or deemed too essential to lay off.
Other companies including Apple and Amazon have either slowed down hiring or sping. A Crunchbase analysis found more than 41,000 tech workers have been laid off since the ning of this year.

Meta still pushing toward metaverse
Meanwhile, Zuckerberg has continued the companys push toward the metaverse. Some investors worry Meta is sping too much on Zuckerbergs vision, and confusing people about the concept of the metaverse.
“Meta has drifted into the land of excess – too many people, too many ideas, too little urgency,” wrote Brad Gerstner, the CEO of Meta shareholder Altimeter Capital, earlier this week in a letter to Meta CEO Mark Zuckerberg. “This lack of focus and fitness is obscured when growth is easy but deadly when growth slows and technology changes.”


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