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.
“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.”
Spooked investors have sent company shares tumbling more than 71% since the beginning of the year and the stock now trades at levels last seen in 2015. 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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Technology Technology Latest News, Technology Technology Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Facebook owner Meta cuts 11,000 jobs—13% of workforce'I got this wrong,' admits CEO Mark Zuckerberg as his company grapples with faltering revenue and broader tech industry woes. People won’t care if a liberal lays off thousands just if Elon does Zuckerberg: 'I got this wrong, and I take responsibility for that.' ...so I'll take responsibility by firing you! make sure met also fire thT karen guard at the meta building! she just went off like crazy we just went there to have a picture at the meta singage and parking lot but she went off acting crazy karen that we are not suppose to be there if it isn't allow put a sign at the entrance
Source: KPIXtv - 🏆 443. / 53 Read more »
Meta layoffs 2022: Facebook parent company laying off 11,000 employees, 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. elonmusk an they called you Barbaric 🤣😖🤦♂️ tech jobs not it Almost equal to Twitter 3,700. META = Make Everyone Totally Angry.
Source: ABC7 - 🏆 67. / 68 Read more »
Meta layoffs 2022: Facebook parent company laying off 11,000 employees, 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. Where is the left? They went nuts when Elon did the same thing with Twitter. Good see ya Let’s see if he gets any backlash! That’s 3 Times Twitter layoffs! Good news hold his stock it’s off 75%!
Source: 6abc - 🏆 250. / 63 Read more »
Facebook parent company Meta laying off 11,000 employees — about 13% of its 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.
Source: ChicagoBreaking - 🏆 521. / 51 Read more »
Facebook owner Meta cuts 11,000 jobs—13% of workforce'I got this wrong,' admits CEO Mark Zuckerberg as his company grapples with faltering revenue and broader tech industry woes. Good! Fb is censoring boredom, like cbs does The Facebook bubble has finally burst. No suprise to anyone under 40. It was inevitable America,it’s going to get much worse. this nation is travelling down the highway to destruction. Is there any moral direction in America.
Source: CBSNews - 🏆 87. / 68 Read more »