Facebook parent Meta is laying off 11,000 people as it contends with faltering revenue and broader tech industry woes. The announcement comes just a week after widespread layoffs at Twitter under its new owner, billionaire Elon Musk. MORE: 9News
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Zuckerberg said he had made the decision to hire aggressively, anticipating rapid growth even after the pandemic ended."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.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.
Last week, Twitter laid off about half of its 7,500 employees, part of a chaotic overhaul as Musk took the helm.
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