Meta Lays Off 11,000

106967423-16354576832021-10-28t214510z_116189434_rc29jq9owmq8_rtrmadp_0_facebook-connect

At a glance

  • Meta is laying off 13% of its staff, or more than 11,000 employees, CEO Mark Zuckerberg told employees on Wednesday.
  • Meta provided lukewarm guidance in late October for its upcoming fourth-quarter earnings that spooked investors and caused its shares to sink nearly 20%.
  • The company’s costs and expenses jumped 19% year over year in third quarter to $22.1 billion.

Top News Stories

Sponsored