Meta Platforms Slashes Over 11,000 Jobs, 13% of Its Workforce
The job cuts come from across its businesses, including its apps and metaverse divisions.
Facebook parent Meta Platforms (META) announced on Wednesday that it is laying off more than 11,000 employees, or about 13% of its workforce.
The social-media giant said the job cuts were across its apps and Reality Labs segments. In addition to Facebook, Meta owns Instagram, Messenger and WhatsApp, and Reality Labs houses its augmented- and virtual-reality operations.
Meta also said that Reality Labs' operating losses in 2023 will continue to grow significantly year-over-year.
The company has been trying to make inroads into Web3 after halting its stablecoin efforts. Facebook even rebranded to Meta to reiterate its focus on building the metaverse.
In a message to employees, CEO Mark Zuckerberg confirmed his continued commitment to his metaverse plans, saying, "We’ve shifted more of our resources onto a smaller number of high priority growth areas – like our AI (artificial intelligence) discovery engine, our ads and business platforms, and our long-term vision for the metaverse."
Meta's shares were up over 3% at $99.8 during premarket trading.