Facebook Parent Meta to Cut Over 11,000 Jobs as Zuckerberg Admits He Got Trends ‘Wrong’

[Epoch-Times-Bot]

Facebook Parent Meta to Cut Over 11,000 Jobs as Zuckerberg Admits He Got Trends 'Wrong'

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.”...

Source: Facebook Parent Meta to Cut Over 11,000 Jobs as Zuckerberg Admits He Got Trends 'Wrong'

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