Meta lays off over 11,000 employees: Mark Zuckerberg letter announces cuts

Meta is laying off 13% of its staff or more than 11,000 employees.

CEO Mark Zuckerberg made the announcement in a letter to employees on November 9.

This step was taken to help Meta become a leaner and more efficient company by cutting discretionary spending.

The layoffs come amid a tough time for Meta, when its Q4 projected earnings spooked investors.

This has caused its shares to sink nearly 20%. However, shares of Meta were up about 7.7% on November 9, 2022.

Investors were concerned about Meta’s rising costs, which jumped 19% year over year and amounted to $22.1 billion in Q3 of 2022.

The company’s overall sales declined 4% to $27.71 billion in Q3.

Its operating income dropped 46% from the previous year to $5.66 billion.

Impacted employees will reportedly receive 16 weeks of pay plus two additional weeks for every year of service.

Meta will also cover their health insurance for 6 months.