Meta announces the dismissal of 11,000 employees

Meta, owner of Facebook, Instagram and WhatsApp, decided to cut 11,000 employees, which represents 13 % of its workforce, and freeze hiring until the first quarter, as announced by the company’s CEO, Mark Zuckerberg, in a statement sent to the staff.

“Today, I’m sharing some of the toughest changes we’ve made in Meta’s history. I’ve decided to reduce the size of our team by approximately 13 % and lay off over 11,000 of our talented employees. We’re also taking a number of steps to become a more agile and efficient company by reducing discretionary spending and extending our hiring freeze through the first quarter”, said the company’s CEO.

In this way, Meta, which undertakes the first massive job cut in its 18-year history, joins other technology companies such as Twitter that also followed this line.

“I want to take responsibility for these decisions and how we got here. I know this is difficult for everyone, and I’m especially sorry for those affected,” said Zuckerberg, who acknowledges his mistakes in the strategy of “significantly” increasing investments in the company after the pandemic.

According to the company’s chief executive, in this new environment, the firm needs to be more efficient in terms of capital, which is why it has shifted more of its resources to a smaller number of high-priority growth areas, including artificial intelligence, advertising and commercial platforms, to which is added his long-term vision for the metaverse.

Two weeks ago, Meta published its quarterly accounts, in which it recorded a 52.2 % drop in net profit, to 4,395 million dollars. Revenues, on their side, fell by 4.5 %, to 27,714 million.

K. Tovar

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Source: Xataka