Facebook parent company Meta to lay off more than 11,000 employees, reducing its workforce by 13%, CEO Mark Zuckerberg says.
Mark Zuckerberg announced the news to Meta employees Wednesday morning, saying: “I want to take accountability for these decisions and for how we got here.'
according to Meta, the parent company of Facebook, Instagram and WhatsApp.Massive layoffs at Meta Platforms Inc."I know this is tough for everyone, and I’m especially sorry to those impacted.Stock Market Today: Bitcoin Sells Off; Dow Futures Waver Last Updated: Nov 9, 2022 at 8:02 am ET Follow The Wall Street Journal’s full markets coverage.
“I want to take accountability for these decisions and for how we got here,” Zuckerberg told employees.“I know this is tough for everyone, and I’m especially sorry to those impacted.Chief Executive Mark Zuckerberg told employees that he planned to lay off more than 11,000 employees, or about 13% of the company’s workforce, according to a post shared to the company’s public newsroom Wednesday morning.” The layoffs will affect what are known as the company's"Family of Apps" — Facebook, Messenger, Instagram and WhatsApp — and the virtual reality business Reality Labs, Zuckerberg said.House of Representatives on March 25, 2021.They will also affect Meta's business teams, which are being restructured, he said, adding that the company plans to hire fewer people next year and is extending its hiring freeze into the first quarter of next year"with a small number of exceptions.." Zuckerberg said the development follows his decision to"significantly increase our investments" at the start of the pandemic.
He told employees he made that decision based on the belief that e-commerce would continue to grow and provide a strong source of revenue post-pandemic — a prediction that turned out to be wrong, he said.Massive layoffs at Meta Platforms Inc.S."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," he said."I got this wrong, and I take responsibility for that.Chief Executive Mark Zuckerberg told employees that he planned to lay off more than 11,000 employees, or about 13% of the company’s workforce, according to a post shared to the company’s public newsroom Wednesday morning." The job cuts come amid a broader retrenchment in the tech industry that has prompted further layoffs, hiring freezes and other cost-cutting measures across the sector.Please check back for updates.The industry is facing higher interest rates, a stronger dollar that raises costs abroad, and an overall slowing global economy that means less investment in the kinds of speculative projects that tech companies pursue.“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,” he said.
Oct.28, 2022 06:35 “I think a lot of tech companies held out hope that they’d be able to navigate the softness, but as we’ve seen during this earnings season, it’s going to be a long cold winter for many of these companies as we go through this economic storm,” said Dan Ives, managing director and senior equity research analyst at Wedbush Securities.” Shares of the Facebook parent company were up about 4% in premarket action.Meta foreshadowed the job cuts in its most recent quarterly earnings statement, saying it would be “making significant changes across the board to operate more efficiently.” Those earnings saw its profit slashed by half, causing its stock to fall more than 20%.” He gave the example of recruiting, which “will be disproportionately affected since we’re planning to hire fewer people next year.Shares are down more than 70% year to date.
“We expect hiring to slow dramatically going forward and to hold headcount roughly flat next year relative to current levels,” CFO David Wehner added.Meta, in particular, has felt the sting as it fends off intensifying competition for advertising dollars and users from younger rivals such as TikTok while at the same time contending with new privacy restrictions from long-time nemesis Apple Inc.The latest earnings prompted Morgan Stanley analysts to write in a note to clients that Meta’s stock price would be under pressure “until the market can feel confident in execution and return on invested capital from these outsized investments.” Zuckerberg said Wednesday that additional measures will be forthcoming at the company, which has approximately 87,000 workers worldwide.Former Meta Chief Financial Officer David Wehner has pegged the hit on potential advertising revenue at more than $10 billion.Employees affected by layoffs in the United States will receive 16 weeks of severance pay plus two additional weeks for every years they’ve been at the company; payment for their remaining paid time off; six months of health insurance; and immigration support for people on visas, he said.Outside the U.” In October, Meta reported its second-ever year-over-year revenue decline while the company’s earnings plunged in half, and executives cautioned that they intend for continued spending as they push more deeply into plans for the metaverse.
S., support will be similar, Zuckerberg said, adding that the company will “follow up soon with separate processes that take into account local employment laws.“We continue to anticipate that Reality Labs operating losses in 2023 will grow significantly year-over-year,” Meta executives said in a filing with the Securities and Exchange Commission that went out Wednesday morning.” He said the company removed affected employees’ access to most of the company’s systems “given the amount of access to sensitive information,” but that they would still have access to email throughout Wednesday to “say farewell.” Facebook is facing headwinds on multiple fronts, including competition from TikTok, , and a lag in the return on its investment in the Metaverse, a digital universe that remains inaccessible to many.Executives now forecast 2023 expenses of $94 billion to $100 billion, whereas their prior guidance was for $96 billion to $101 billion.Facebook would be the immediate beneficiary of the growing movement to bank TikTok in the U.
S.Meta’s hemorrhaging is the latest to whipsaw a tech sector battered by a wave of layoffs and hiring freezes in recent weeks.For now, though, some analysts say TikTok’s algorithm is unbeatable when it comes to keeping users on its platform for longer and thus generating more ad revenue.“TikTok is simply more fun and engaging than Facebook and Instagram Reels, with Meta far more interested in becoming the platform for the Metaverse than out-innovating TikTok (which was abundantly clear in Zuckerberg’s Joe Rogan interview),” analysts with the research group LightShed Partners wrote in a recent note.Lyft Inc.As for the metaverse, Zuckerberg has defended the company’s $15 billion bet on the technology.“I get that a lot of people might disagree with this investment,” he said on the company’s earnings call last month.Z , Stripe Inc.
“I think people are going to look back on decades from now and talk about the importance of the work that was done here.” Julianne McShane Rob Wile is a breaking business news reporter for NBC News Digital.are among the names that have announced job cuts, while Apple and Amazon.Jonathan Vanian, CNBC.
Where’s the lib outrage? It’s almost Christmas ffs! I wonder if it has anything to do with the privacy breach a while back ? getting rid of liability issues
Facebook parent Meta begins mass layoffs of 11,000 workers as Mark Zuckerberg says 'I take responsibility'Massive layoffs at Meta Platforms Inc. began Wednesday, offering a slight boost to the social-media company's beaten-down stock future Gop Not like anyone thought it wasn’t your fault Mark.
Mark Zuckerberg announces Meta will layoff 11,000 employeesBREAKING: Mark Zuckerberg announces that Meta will be laying off 11,000 of its employees — an estimated 13% of its workforce — and will also be taking “a number of additional steps to become a leaner and more efficient company.” Should there be: Was he afraid if he announced this before the election he would hurt his favoured candidates (party)? Translation: more work for everyone at the same hourly rate.
Meta Stock Price Jumps as Mark Zuckerberg Announces 11,000-Plus Job CutsShares of Facebook parent Meta Platforms rose premarket after founder Mark Zuckerberg said the social-media company would cut more than 11,000 jobs. _**Meta stock was recently up 4.6% at $100. NoMercy Mpedi86 😳 capitalism is wild man. I understand share holders want a payday but damn
Mark Zuckerberg announces Meta will layoff 11,000 employeesMark Zuckerberg has announced that Meta will be laying off 11,000 of its employees -- an estimated 13% of its workforce.
Facebook parent Meta cuts 11,000 jobs, 13% of workforceFacebook parent Meta is laying off 13% of its employees as it contends with faltering revenue and broader tech industry woes.
Facebook Parent Meta Trims 13% of Workforce, Citing Lack of Post-Pandemic Growth“I got this wrong, and I take responsibility for that,” Mark Zuckerberg writes in a memo to staff announcing a reduction of 11,000 employees. About Facebook. It’s sad when you need help with your Facebook account and there’s no one there to help you out. When you send for a code and you never get one. They need to hire more people to assist with the problem instead of laying off people.