Announcement of layoff of 11 thousand personnel in Facebook's Parent Company Meta latest news update 2022
Latest News Update On 10 November 2022: Facebook's parent company Meta on Wednesday decided to lay off 13 percent of its employees due to rising costs and low profits. Meta CEO Mark Zuckerberg has apologized to the employees after this decision of the company. Just a few days ago, Elon Musk also laid off employees on a large scale from Twitter.ann
13% of employees will be laid off to save expenses
Decision On Cost
Meta CEO Mark Zuckerberg told in a blog that the decision to lay off employees has been taken to cut costs. Actually, the company's result have been disappointing. There has been a sharp drop in the company's earnings during the quarter. To deal with this, Meta has planned to cut costs and under this steps like layoffs are being taken. Meta also reported an increase in earnings during the pandemic-enforced lockdown. A large number of people stayed at home and spent more time on computers and phones. After that the situation got worse.
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