• Meta announced it's laying off more than 11,000 staff. It also said it anticipated making further big losses on metaverse projects

    21 days ago - By Business Insider

    Mark Zuckerberg displaying his metaverse avatar. Facebook
    Meta has announced plans to lay off more than 11,000 employees, around 13% of the company's staff.
    The Reality Labs division, comprising Meta's metaverse and VR businesses, has lost $30.7 billion.
    Meta said it anticipated that Reality Lab's operating losses in 2023 would grow significantly.
    Meta says Reality Labs, the division comprising Meta's metaverse and VR businesses, is projected to keep losing money. The company announced on Wednesday they were laying off more than 11,000 employees , 13% of the company's total staff. In an...
    Read more ...

     

  • Meta shares rise after the Facebook parent lays off over 11,000 employees as it cuts costs

    21 days ago - By Business Insider

    Meta Platforms boss Mark Zuckerberg. Andreas Gebert via Reuters
    Meta shares rose 4% Wednesday after the company said it will lay off over 11,000 workers.
    The Facebook parent laid out a narrower range of costs for next year in a regulatory filing.
    CEO Mark Zuckerberg acknowledged he had made missteps in big investments by Meta.
    Meta Platforms shares rose in premarket trading Wednesday after the Facebook parent said it will lay off more than 11,000 employees as it looks to cut costs. Its CEO Mark Zuckerberg said in a letter to employees Wednesday that the tech giant would cut around 13% of...
    Read more ...

     

  • Mark Zuckerberg says some Meta employees will share desks as the company scrambles to reduce costs

    21 days ago - By Business Insider

    Mark Zuckerberg announced layoffs at Meta on Wednesday morning. Facebook
    Some Meta employees will share desks as the company cuts costs amid layoffs, Mark Zuckerberg said.
    Zuckerberg said he viewed layoffs as a last resort and tried to cut costs in other areas beforehand.
    Meta announced it was laying off more than 11,000 employees, around 13% of its headcount.
    Mark Zuckerberg on Wednesday said that some Meta employees will share desks as a cost-cutting measure while the company reduces its office space. The Meta CEO announced the plans in a memo sent to employees regarding layoffs across...
    Read more ...

     

  • Here's what laid-off Meta employees in the US are being offered as severance packages

    21 days ago - By Business Insider

    Laid-off employees will receive four months of base pay. Justin Sullivan/Getty Images
    Meta announced it is laying off 11,000 employees, or 13% of its workforce.
    Mark Zuckerberg's memo included details of the severance package offered to US staff.
    They will receive around four months of base pay, as well as continued healthcare coverage for six months.
    Meta's announcement that it is laying off 11,000 employees - or 13% of its workforce - included details of the severance package being offered to US staff. Laid-off employees will get 16 weeks of base pay, plus two weeks for each year of...
    Read more ...

     

  • Read the memo Mark Zuckerberg sent to employees announcing Meta's plans to lay off more than 11,000 people

    21 days ago - By Business Insider

    Meta CEO Mark Zuckerberg sent a note to employees on Wednesday about layoffs. AP Photo/Mark Lennihan
    Mark Zuckerberg sent a memo to employees on Wednesday announcing mass layoffs at Meta.
    The CEO said Meta planned to reduce its workforce by laying off more than 11,000 workers.
    He added that he wanted to take accountability for the decisions that led to the cuts.
    Meta announced Wednesday morning that it planned to lay off more than 11,000 employees - that's around 13% of the workforce. Meta employees have been expecting widespread layoffs for months as CEO Mark Zuckerberg's focus on...
    Read more ...

     

  • Mark Zuckerberg apologized for over-investing in Meta as he announced more than 11,000 staff would be laid off: 'I got this wrong'

    21 days ago - By Business Insider

    Meta CEO, Mark Zuckerberg. Drew Angerer/Getty Images
    Mark Zuckerberg apologized to Meta employees in a memo announcing over 11,000 layoffs Wednesday.
    "I got this wrong, and I take responsibility for that," he said in the memo.
    Meta's founder said he had incorrectly assumed a pandemic revenue surge would be "permanent."
    Mark Zuckerberg apologized to employees as he announced sweeping layoffs at Meta. "I got this wrong, and I take responsibility for that," he told employees on Wednesday. Meta said it plans to lay off around 11,000 employees, or 13% of staff, a layoff that had been widely...
    Read more ...

     

  • Meta says it will lay off more than 11,000 employees

    21 days ago - By Business Insider

    Meta CEO Mark Zuckerberg. AP Photo/Mark Lennihan
    Meta said Wednesday it plans to lay off more than 11,000 employees, or 13% of its workforce.
    Founder and CEO Mark Zuckerberg said the layoffs were a "last resort" in a memo to staff.
    Meta is one of several big-name tech companies to embark on sweeping layoffs.
    Meta said Wednesday that it plans to cut more than 11,000 employees, or 13% of its workforce. Meta founder and CEO Mark Zuckerberg said in a blog post that in addition to the layoffs, the company was also cutting discretionary spending, and extending its hiring freeze through the first...
    Read more ...