Meta, Facebook's parent corporation, has laid off 11,000 workers, the latest symptom of a digital slump.
On Wednesday, Facebook parent company Meta announced massive layoffs, eliminating 11,000 workers, or roughly 13% of its workforce
Amid an industrywide downturn that has shook Silicon Valley in recent months.
The layoffs are the company's first significant employment reduction since its founding in 2004
And are the latest indication that once-invincible IT behemoths are facing a reckoning.
Meta CEO Mark Zuckerberg described the layoffs as "some of the most difficult moves we've made in Meta's history
saying the firm overhired during the pandemic, believing the company's ultra-rapid growth would continue.
"Not only has online shopping returned to historical trends," Zuckerberg said in an email to workers, "but the macroeconomic slump, increasing competition
And ad signal loss have led our income to be considerably lower than I'd expected." "I made a mistake, and I accept responsibility."
Meta, which employs over 87,000 people, has recently implemented cost-cutting measures like as hiring restrictions and the elimination of non-essential travel.