Breaking: 11,000 employees at Meta face the axe as earnings fall

Meta is also looking at other avenues of cost savings, such as reduction in discretionary spending, freezing hiring through Q1 of 2023, reducing perks, and shrinking real estate footprint, the letter said. However, these would not bring down expenses in line with the expected revenues, and this is why the company had decided to let people go.

Without specifying the metaverse, Zuckerberg admitted that he had taken the decision to "significantly increase investments" but now the company needed to become more "capital efficient".Becoming capital efficient is the need of the hour at companies in the tech world as revenues have dipped across the board.

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