Sci-Tech10th Nov, 2022. 12:01 am
Meta, the parent company of both Facebook and Instagram, has revealed plans to slash 11,00 people, a 13% reduction in its global workforce.
Meta CEO Mark Zuckerberg announced the move in a blog post, claiming it was his fault for being overly hopeful about the company’s future growth as a result of the pandemic.
He also stated that resources would be reallocated to a “smaller number of high-priority growth areas,” such as advertising, AI, and the metaverse.
This is the company’s first major restructuring since its inception in 2004, in response to a declining digital-ad industry and falling stock price.
He said, “At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth.”