Meta lays off over 11,000 employees: Mark Zuckerberg letter announces cuts
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Meta will also cover their health insurance for 6 months.
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