Mark Zuckerberg says laying off 13% of Meta’s workforce is a “sad moment”.
Meta CEO Zuckerberg wrote a letter to employees, widely telling them about the layoffs and other cost-cutting the company was implementing. “I consider layoffs to be a last resort, so I’ve decided to curb other sources of cost before letting go of my teammates.
“This is a sad moment and there is no way around it,” he continues.
“For those of you who are staying, we know this is a difficult time for you too,” Zuckerberg said. of people feel uncertain about the future.”
“I want you to know that we are making these decisions to make sure our future is a strong one,” he said. Billions of people use our services to connect and our community continues to grow.”
the future of meta
Zuckerberg also doubled down on his belief that the Metaverse should be the company’s focus.”[We’re] We are leading the development of technologies that will define the future of social connectivity and the next computing platform,” he wrote. “We are doing a historically important job. I am confident that if we work efficiently, we will come out of this recession stronger and more resilient than ever before.”
Meta had already implemented a hiring freeze, blaming Apple’s privacy features, among others, as the reason for Facebook’s slowing revenue growth at the time.
Facebook reportedly lost $10 billion in revenue in 2022 due to Apple’s App Tracking Transparency.
Meta’s stock fell 24.5% after its latest financial report, as Apple’s stock rose 7% after its earnings release.
in the meantime, CNBC Analyst Jim Cramer predicts more job cuts are likely to follow.
Read on AppleInsider