INSUBCONTINENT EXCLUSIVE:

Facebook parent company Meta is laying off 11,000 people, about 13% of its workforce, as it contends with faltering revenue and broader tech

industry woes, CEO Mark Zuckerberg said in a letter to employees Wednesday.The job cuts come just a week after widespread layoffs at Twitter

under its new owner, billionaire Elon Musk

There have been numerous job cuts at other tech companies that hired rapidly during the pandemic, The Associated Press reported.Zuckerberg

said that he had made the decision to hire aggressively, anticipating rapid growth even after the pandemic lockdowns ended.Unfortunately,

this did not play out the way I expected,& Zuckerberg said in a statement

&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

I got this wrong, and I take responsibility for that.Meta, like other social media companies, enjoyed a financial boost during the pandemic

lockdown era because more people stayed home and scrolled on their phones and computers

But as the lockdowns ended and people started going outside again, revenue growth began to falter.Of particular concern to investors, Meta

poured over $10 billion a year into the &metaverse& as it shifts its focus away from social media

Zuckerberg predicts the metaverse, an immersive digital universe, will eventually replace smartphones as the primary way people use

technology.Last week, Twitter laid off about half of its 7,500 employees, part of a chaotic overhaul as Musk took the helm.He tweeted that

there was no choice but to cut the jobs &when the company is losing over $4M/day,& though did not provide details about the losses

Snap, the owner of Snapchat, also recently laid off 1,000 workers and online real estate broker Redfin said Wednesday it is cutting 862

employees.The post Facebook parent Meta cuts 11,000 jobs, 13% of workforce first appeared on Ariana News.