11/9/2022, 12:27 PM (Source: TeleTrader)
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Meta to cut workforce by 13%, extend hiring freeze - CEO

Meta Platforms Inc CEO Mark Zuckerberg revealed on Wednesday that the company will lay off nearly 11,000 of its employees, reducing the workforce by 13% as the social media giant looks to extend its hiring freeze through Q1.

The announcement comes after several reports suggested that Meta could be considering reducing its staff as the business attempts to undergo restructuring. According to the CEO's statement, the decision comes as a result of global pandemic setbacks, which have consequently lowered the company's revenue than initially projected.

"Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I'd expected. I got this wrong, and I take responsibility for that," Zuckerberg explained.

Social media and tech conglomerates' shares were up by 3.79% in the premarket trading following the announcement.

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