Massive layoffs at Meta Platforms Inc. began Wednesday, offering a slight boost to the social-media company's beaten-down stock
Massive layoffs at Meta Platforms Inc. began Wednesday, offering a slight boost to the social-media company’s beaten-down stock.
Chief Executive Mark Zuckerberg told employees that he planned to lay off more than 11,000 employees, or about 13% of the company’s workforce, according to a post shared to the company’s public newsroom Wednesday morning. The layoffs, the first wide-scale job cuts of the company’s 18-year history, are the latest manifestation of an industry grappling with slower growth amid a pullback in digital advertising, hand-wringing over the economy and rising inflation.
In October, Meta reported its second-ever year-over-year revenue decline while the company’s earnings plunged in half, and executives cautioned that they intend for continued spending as they push more deeply into plans for the metaverse. Meta has already poured billions of dollars into Zuckerberg’s long-term dream, which is housed in the Reality Labs section of the company’s financials.
“The updated range reflects our plan to add fewer employees in 2023 than we previously expected as we are significantly slowing our hiring trajectory through the beginning of 2023,” executives said in the filing.
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