Facebook parent company Meta to lay off more than 11,000 employees

"Unfortunately, this did not play out the way I expected," he said."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 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 company's real estate footprint and maintaining a hiring freeze through the first quarter of 2023. In a third-quarter earnings call last month, Zuckerberg had said he expected Meta to enter 2023 with roughly the same headcount.

“In 2023, we're going to focus our investments on a small number of high priority growth areas,” Zuckerberg said. “In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today.”Meta is among several tech companies rolling out layoffs, hiring freezes or other measures amid fears of a potential economic recession.

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.found more than 41,000 tech workers have been laid off since the beginning of this year.From layoffs to hiring freezes, there are signs that the job market in the U.S. is slowing. Here's what workers should know.

“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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