Meta to cut more than 11 000 jobs

NEW YORK: Meta Platforms said yesterday it would cut 13% of its workforce, or more than 11000 employees, in one of the biggest tech layoffs this year as the Facebook parent battles soaring costs and a weak advertising market.

The job cuts, the first in Meta’s 18-year history, follow thousands of layoffs at other major tech companies.

“Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected,” CEO Mark Zuckerberg said. “I got this wrong, and I take responsibility for that.”

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