Meta cutting off over 11,000 workers. Zuckerberg's letter informing employees of the reductions

By Sakshi

 Nov 10,2022

Meta is cutting one-third of the company's workforce over 11,000 employees, its CEO Mark Zuckerberg told employees Wednesday.

Image Source and Credit  : Google 

Meta gave a cautious forecast in the last week of October regarding its fourth-quarter earnings, which frightened investors and led its shares to plummet around 20%.

Image Source and Credit  : Google 

The company's expenses and costs rose 19% a year the period in the third quarter, to $22.1 billion.

Image Source and Credit  : Google 

Meta is cutting 15% of its workforce over 11,000 workers. Chief Executive Officer Mark Zuckerberg said in a note sent to employees on Wednesday.

Image Source and Credit  : Google 

"Today I'm sharing some of the most difficult changes we've made in Meta's history," Zuckerberg declared in his letter. 

Image Source and Credit  : Google 

"I've made the decision to shrink the number of employees in our workforce by around 13 percent and let over 11,000 of our top employees depart. 

Image Source and Credit  : Google 

We're also taking a number of other measures to make us a more efficient and more efficient organization by reducing discretionary spending and expanding our hiring freeze to the first quarter of Q1."

Image Source and Credit  : Google 

The shares of Meta were up by around 7.7 percent on Wednesday morning.

Image Source and Credit  : Google