Without sustaining post-pandemic growth, Meta lays off 11,000 employees


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O CEO do Facebook, Mark Zuckerberg:
Facebook CEO Mark Zuckerberg: “I want to take responsibility for these decisions and how we got here”| Photo: EFE/Ernesto Arias

Meta, the company that owns Facebook, laid off more than a thousand people this Wednesday (9), reducing by % its staff. Among the reasons given by Big Tech for what is considered the most dramatic drop in its history are the increase in competition and the impossibility of sustaining post-pandemic revenues.

This morning, CEO Mark Zuckerberg spoke to employees , via email: “I want to take responsibility for these decisions and for the way we got here.” According to him, the revenue growth recorded during the pandemic could not be sustained, in an environment of economic slowdown, with a drop in trade electronic and digital advertisements.” made our revenue much smaller than I expected. I got it wrong and I take responsibility for that”, he lamented.

The measure affected all the company’s teams, which is also expected to close some offices, according to the Financial Times. Other cost reductions and benefits for the team are part of the package.

At the end of October, investors eliminated another US$

billion of the market capitalization of company, after Zuckerberg failed to convince them of his bet on building a metaverse, which should not be profitable for many years.

Meta also said that it faces competition from rivals such as TikTok, and that it has had difficulty target advertising following changes to Apple’s privacy policy.

The company’s share price has dropped O CEO do Facebook, Mark Zuckerberg: , 5% since the beginning of the year. According to the Financial Times, Meta shares rose 3% in premarket trading on Wednesday, following the layoffs.

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