Meta Platforms Inc said on Wednesday it will let go of 13 percent of its workforce, or more than 11,000 employees, in one of the biggest technology layoffs this year as the Facebook parent battles soaring costs and a weak advertising market.
\nThe broad job cuts, the first in Meta\u2019s 18-year history, follow thousands of layoffs at other leading tech companies including Elon Musk-owned Twitter and Microsoft Corp.
\nThe pandemic boom that boosted tech companies and their valuations has turned into a bust this year in the face of decades-high inflation and rapidly rising interest rates.
\nMeta, whose shares have lost more than two-thirds of their value, said it also plans to cut discretionary spending and extend its hiring freeze through the first quarter.
\n\u201cToday I\u2019m sharing some of the most difficult changes we\u2019ve made in Meta\u2019s history,\u201d the company\u2019s founder Mark Zuckerberg said in a message to employees announcing the layoffs.
\n\u201cI want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I\u2019m especially sorry to those impacted.\u201d
\nAn economic slowdown and a grim outlook for online advertising \u2013 by far Meta\u2019s biggest revenue source \u2013 have contributed to the company\u2019s woes. This summer, Meta posted its first quarterly revenue decline in history, followed by another, bigger decline in the fall.
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