Half announced the . at layoff of 11,000 employees worldwide. In terms of the number of employees involved, this is one of the most dramatic workforce reductions in the history of the US tech industry.

Meta, who controls Facebook, Instagram And whatsapp, he had hired new employees at a seemingly incessant pace over the past few years. Since its founding 18 years ago, Meta had never been forced to plan a mass layoff.

This morning, the company announced the layoff of 11,000 employees, or the 13% of the staff total. Some US media outlets, including the Wall Street Journal, had anticipated the news. In addition, an equally dramatic news item follows closely, namely the dismissal of 50% of the employees decided by Twitter after the company was sold to Elon Musk.

Meta ended another quarter with disappointing results. Balance sheets in particular showed a decline in advertising revenues. The figure has been interpreted with much pessimism by investors, who fear – with good reason – that the decline in sales will continue in the future, for many reasons: from the reduction in marketing costs in view of an impending recession, fierce competition from social rivals such as TikTok, Apple’s fight against user proliferation on iOS.

Things didn’t go as I had hoped. The macroeconomic recession and increased competition have lowered our income in a way that I did not expect. I was wrong and I take full responsibility for this

Mark Zuckerberg reports this in a letter to the employees.

Source: Lega Nerd

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