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Facebook parent company Meta laying off 11,000 people, 13% of workforce

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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

By BARBARA ORTUTAY, AP Technology Writer , CEO Mark Zuckerberg said in a letter to employees Wednesday.

"Unfortunately, this did not play out the way I expected," Zuckerberg said in a prepared statement."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."

Some of the pain is company-specific, while some is tied to broader economic and technological forces.

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