ConsumerUS

Meta Layoffs

November 2022

Meta announced a layoff affecting 11,000 employees (13% of its workforce) in November 2022. The company operates in the Consumer sector.

People Affected

11,000

Percentage

13%

Announced Date

Nov 9, 2022

About

Meta, the parent company of Facebook and Instagram, announced a significant layoff of over 11,000 employees on Wednesday, representing 13% of its workforce. CEO Mark Zuckerberg described this as one of the most difficult changes in the company's history, attributing the decision to rising costs and a need for greater efficiency. The move follows investor concerns after Meta's lukewarm fourth-quarter guidance and a 19% year-over-year increase in expenses to $22.1 billion in the third quarter. As a major player in the tech industry, Meta is also extending its hiring freeze and cutting discretionary spending while continuing its heavy investment in the metaverse.