TECH Meta laying off more than 11,000 employees: Read Zuckerberg’s letter announcing the cuts

[Bob Jones V]

Meta laying off more than 11,000 employees: Read Zuckerberg's letter announcing the cuts

Meta is laying off 13% of its staff, or more than 11,000 employees, CEO Mark Zuckerberg told employees on Wednesday.

www.cnbc.com

Meta is laying off 13% of its staff, or more than 11,000 employees, CEO Mark Zuckerberg said in a letter to employees Wednesday.

“Today I’m sharing some of the most difficult changes we’ve made in Meta’s history,” Zuckerberg said in the letter. “I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go. We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1.”


Shares of Meta were up about 7.7% Wednesday morning.

The layoffs come amid a tough time for Facebook parent company Meta, which provided lukewarm guidance in late October for its upcoming fourth-quarter earnings that spooked investors and caused its shares to sink nearly 20%.

Investors have been concerned about Meta’s rising costs and expenses, which jumped 19% year over year in the third quarter to $22.1 billion. The company’s overall sales declined 4% to $27.71 billion in the quarter while its operating income dropped 46% from the previous year to $5.66 billion.

 

[Ransom]

Meta is laying off 13% of its staff, or more than 11,000 employees

11,000 is 13% of nearly 85,000 employees. For a Web site. Let that sink in.

 

[AverageJoe]

This just goes to prove that God will judge! These people who want to help "Z" censor the truth are getting what they deserve, as is Zuckerberg himself!

 

[Ekklesian]

No one will come through the Biden Dystopia unscathed.

Amazon Makes History After Losing $1 Trillion in Market Value Amid Tech Stock Rout

Amazon has become the first publicly traded company in history to lose $1 trillion in market valuation amid ...

www.theepochtimes.com

Amazon has become the first publicly traded company in history to lose $1 trillion in market valuation amid a volatile economy that has sparked a broad tech selloff.​

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The Jeff Bezos-founded company, valued close to $1.88 trillion on July 2021, saw its shares fall 4.3 percent on Wednesday, pushing its market value down to $878 billion. Amazon stock has lost nearly 50 percent of its value this year alone.​

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The loss comes shortly after Amazon’s market value fell below $1 trillion on Nov. 1 after the company posted disappointing results in its third-quarter earnings and predicted less than spectacular sales for the upcoming important holiday shopping season.​

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Amazon reported revenue of $127.1 billion in the third quarter, narrowly missing out on analysts’ forecasts of $127.5 billion, while net income fell to $2.9 billion, or $0.28 per share, down about 9 percent from the third quarter a year prior.​

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The e-commerce giant also projected the company’s slowest fourth-quarter growth ever, with between 2 percent and 8 percent growth compared with the fourth quarter of 2021.​