Mark Zuckerberg’s Meta to sack 11,000 workers after revenue collapse

theguardian.com:

Mark Zuckerberg’s Meta is cutting 11,000 jobs, more than one in eight staff, after a disastrous collapse in revenue has left the company behind Facebook overstaffed and “inefficient”, the chief executive said in a note to staff on Wednesday.

The first round of redundancies in the company’s history comes after its workforce peaked this year at 87,314 people. In the note, Zuckerberg said that the company had overinvested at the start of Covid, banking that the increase in online activity would continue and accelerate even after the pandemic ended.

“Unfortunately, this did not play out the way I expected,” he said. “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. I got this wrong, and I take responsibility for that.”

More details soon …