Facebook's parent company Meta today announced that it would be firing more than 11,000 employees, in a bid to reduce costs following disappointing earnings and a drop in revenue. The broad job cuts follow layoffs at other major tech companies including Elon Musk-owned Twitter and Microsoft.
"Today I'm sharing some of the most difficult changes we've made in Meta's history. I've decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go," Meta's Chief Executive Mark Zuckerberg said in a blog post today.
"We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1," Zuckerberg added.
Taking responsibility for the decisions, Mark Zuckerberg apologised to Meta employees. "I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I'm especially sorry to those impacted," he said.
Meta's job reductions follow cutbacks at Twitter last week, which saw that company cut roughly 50% of its workforce following its sale to Elon Musk.