• 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.

Tagged: #Bidenflation