Facebook parent Meta Platforms laid off 11,000 employees today
Facebook parent Meta Platforms laid off 11,000 employees today and announced cost-cutting measures. In a Facebook post, Mark Zuckerberg cited "disappointing earnings and a drop in revenue".
5 Points On Changes At Facebook
- Mr Zuckerberg said the company is transitioning to desk sharing for people who already spend most of their time outside the office.
- "We'll roll out more cost-cutting changes like this in the coming months," he said. Overall, this would add up to a "meaningful cultural shift in how we operate", he added.
- The company is also extending its hiring freeze "with a small number of exceptions". Mr Zuckerberg said he would watch the company's business performance, operational efficiency and other macroeconomic factors to determine whether and how much it will resume hiring.
- Mr Zuckerberg also said he was in the middle of a thorough review of the company's infrastructure spending. "As we build our AI infrastructure, we're focused on becoming even more efficient with our capacity. Our infrastructure will continue to be an important advantage for Meta, and I believe we can achieve this while spending less," he wrote.
- He said there were two main reasons for the changes. "Our revenue outlook is lower than we expected at the beginning of this year, and we want to make sure we're operating efficiently across both Family of Apps and Reality Labs," he said.
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