Hemaja Burud
In order to deal with declining revenue and broader problems in the tech sector, Facebook parent company Meta is laying off 13% of its workforce.
CEO Mark Zuckerberg announced in a letter to staff on Wednesday that Facebook parent company Meta is eliminating 11,000 jobs
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or about 13% of its workforce, as it struggles with declining revenue and broader tech industry problems.
The job cuts come just one week after Twitter's new owner, billionaire Elon Musk, implemented a large-scale layoff program.
Numerous positions have been eliminated at other tech firms that hired a lot during the pandemic.
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According to Zuckerberg, he decided to hire aggressively because he expected rapid growth even after the pandemic lockdowns were lifted.
Zuckerberg said in a statement, "Unfortunately, this did not play out the way I expected.
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"Online sales have not only resumed their previous patterns, but our revenue has also fallen far short of what I had anticipated due to the macroeconomic downturn
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increased competition, and loss of ad signal. I acknowledge that I made a mistake in this.
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"Because more people stayed at home and scrolled on their phones and computers during the pandemic lockdown period
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Meta, like other social media companies, benefited financially.
Investors are particularly concerned about Meta's annual investment of over $10 billion in the "metaverse" as it moves away from social media.
According to Zuckerberg, smartphones will eventually be superseded by the metaverse, an immersive digital universe.