Facebook parent company Meta will slash 13 percent of its staff, or more than 11,000 employees, as it faces a revenue crunch as advertisers pull back amid high inflation and a wobbly economy.
Meta CEO Mark Zuckerberg announced the cuts in a Nov. 9 blog post, in which he took blame for overestimating the company’s growth prospects and overextending with investments.
The COVID-19 pandemic lockdowns led to a surge of e-commerce activity and for Meta, that meant bigger-than-expected growth in revenue.
“Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended,” Zuckerberg wrote. “I did too, so I made the decision to significantly increase our investments. Unfortunately, this did not play out the way I expected.”…