Meta to cut more than 11, 000 jobs in one of biggest U.S. layoffs this year
10th Nov 2022
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Meta to cut more than 11, 000 jobs in one of biggest U.S. layoffs this year
- Meta Platforms Inc. said on Wednesday it would let goof 13% of its workforce, or more than 11,000 employees, in one of the biggest tech layoffs this year as the Facebook parent battles soaring costs and a weak advertising market.
- The broad job cuts, the first in Meta’s 18-year history, follow thousands of layoffs at other major tech companies including Elon Musk owned Twitter and Microsoft Corp.
- The pandemic boom that boosted tech companies and their valuations has turned into a bust this year in the face of decade high inflation and rapidly rising interest rates.
- Meta, whose shares have lost more than two-thirds of their value, said it also plans to cut discretionary spending and extend its hiring freeze through the first quarter.
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