Meta Platforms Inc stated on Wednesday it would let go of 13% of its workforce, or greater than 11,000 staff, in one of many greatest tech layoffs this 12 months because the Facebook mother or father battles hovering prices and a weak promoting market.
The broad job cuts, the primary in Meta’s 18-year historical past, observe 1000’s of layoffs at different main tech corporations together with Elon Musk-owned Twitter and Microsoft Corp.
The pandemic increase that boosted tech corporations and their valuations has become a bust this 12 months within the face of decades-high inflation and quickly rising rates of interest.
Meta, whose shares have misplaced greater than two-thirds of their worth, stated it additionally plans to chop discretionary spending and prolong its hiring freeze by means of the primary quarter.
