More than 11,000 Meta employees, about 13% of the company’s workforce have been let go.
The huge layoffs were disclosed by Mark Zuckerberg in a letter to staff, which Meta posted on its Newsroom.
The mass layoffs, first in Meta’s 18-year history, follow thousands of job cuts at other major tech companies including Elon Musk-owned Twitter and Microsoft Corp (MSFT.O).
The pandemic-led 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.
“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,” Chief Executive Officer Mark Zuckerberg said in a message to employees.
“I got this wrong, and I take responsibility for that.”