Facebook parent Meta is laying off 11,000 people, about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes, CEO Mark Zuckerberg said in a letter to employees Wednesday.
The job cuts come just a week after widespread layoffs at Twitter under its new owner, billionaire Elon Musk. There have been numerous job cuts at other tech companies that hired rapidly during the pandemic.
Meta, like other social media companies, enjoyed a financial boost during the pandemic lockdown era because more people stayed home and scrolled on their phones and computers. But as the lockdowns ended and people started going outside again, revenue growth began to falter. Last week, Twitter laid off about half of its 7,500 employees, part of a chaotic overhaul as Musk took the helm. He tweeted that there was no choice but to cut the jobs “when the company is losing over $4M/day," though did not provide details about the losses.
Competition from TikTok is also an a growing threat as younger people flock to the video sharing app over Instagram, which Meta also owns.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Facebook parent company Meta laying off 11,000 people, about 13% of workforceFacebook parent Meta is laying off 11,000 people, about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes, CEO Mark Zuckerberg said in a letter to employees Wednesday.
Read more »
Facebook parent company Meta laying off 11,000 people, 13% of workforceFacebook parent Meta is laying off 11,000 people, about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes
Read more »
Facebook parent Meta cuts 11,000 jobs, 13% of workforceBREAKING: Facebook parent Meta is laying off 11,000 people, about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes, CEO Mark Zuckerberg said in a letter to employees.
Read more »
Xiaomi 13 and 13 Pro images leakProlific leaker Steve H.McFly tweets details on a possible 13 Pro model from Xiaomi, coming soon.
Read more »
Meta Slashes Over 11,000 Jobs, 13% of its Workforce.Meta has slashed over 11,000 jobs across its Family of Apps and Reality Labs segments. By parikshitm899
Read more »
Meta to Lay Off 11,000 Staff, Cuts Workforce by 13%, ‘Reduces Perks’Facebook’s parent company Meta is set to lay off 11,000 people and reduce its workforce by 13%, founder and CEO Mark Zuckerberg announced on Wednesday (Nov. 9). The news was shared around 3 a…
Read more »