The parent company of Facebook, Instagram, and WhatsApp decreased employment by 13% and continued a recruiting moratorium through the first quarter of next year.
Since Facebook's founding by Mark Zuckerberg in 2004, the Silicon Valley business has constantly added staff members. It has accumulated 87,314 employees as of the end of September, which was a record.
However, the business—now known as Meta—started making significant employment cuts recently.
The company's most major employment losses, according to Meta, will result in the layoffs of about 11,000 employees, or roughly 13 per cent of its workforce. The cutbacks touched a variety of divisions and geographic areas, but the business and recruiting teams were particularly hard hit.
Engineers working on initiatives connected to the metaverse, the immersive online world on which Mr Zuckerberg has staked a significant amount of money, were among the divisions that were not reduced as drastically, according to two sources with knowledge of the situation.
The 38-year-old Mr Zuckerberg wrote in a memo to staff, "I want to take accountability for these actions and for how we got here. "I know this is difficult for everyone, and I'm sorry to those impacted in particular,"
The layoffs—nearly three times as many as Twitter eliminated last week, although not by a significant percentage—represent a shocking turn of events for a formerly high-flying business whose ambition and potential for expansion had seemed endless. Over the years, Meta has accumulated users, acquired businesses like Instagram and WhatsApp, and showered its staff with amazing benefits by spending lavishly.
The company's financial performance was unaffected by criticism of its data privacy policies or the harmful content on its apps as its stock price rose and its revenues increased. Meta's worth reached $1 trillion at one point in the previous year.
Mr Zuckerberg explained the changes by saying that the company expanded too quickly during the pandemic when a boom in internet sales caused a significant increase in income.
He claimed that because he believed the change would last forever, his spending had increased dramatically. At the end of September, Meta had 28% more staff than at the same time last year.
The decrease in Meta's workforce was an effort to temper some of the cheerfulness that came to characterise a successful age in Silicon Valley.
Facebook Ceo Mark Zuckerberg announced that the corporation will cut back on real estate and that budgets, including some employee perks, would be trimmed. A hiring halt has been maintained through March.
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