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Meta Platforms To Slash Approx. 11000 Jobs

In a message to Meta employees, Mark Zuckerberg announced the decision to reduce the size of team by about 13%. The layoff at the Facebook parent is anticipated to impact approximately 11,000 of Meta Platforms employees across its Family of Apps and Reality Labs segments. Also, the company is extending its hiring freeze through first quarter with a small number of exceptions.

"At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth. Many people predicted this would be a permanent acceleration. I did too, so I made the decision to significantly increase our investments. Unfortunately, this did not play out the way I expected. 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," Mark Zuckerberg stated.

Mark Zuckerberg also noted that the company will share more on how it will operate as a streamlined organization to achieve priorities in the weeks ahead.

Meta Platforms, Inc. stated that its outlook for fourth quarter revenue of $30-32.5 billion is unchanged. The 2022 expense outlook of $85-87 billion also remains unchanged.

For 2023, Meta Platforms now expects total expenses to be in the range of $94-100 billion, lowered from $96-101 billion previously. The company continues to expect that Reality Labs operating losses in 2023 will grow significantly year-over-year. Also, Meta is updating 2023 capital expenditures outlook to be in the range of $34-37 billion, narrowed from $34-39 billion.

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