Meta, the parent company of Facebook announces the loss of 11,000 jobs
Meta, the parent company of Facebook, announced on Wednesday the elimination of the equivalent of 13% of its workforce REUTERS - DADO RUVIC
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Meta, the parent company of Facebook, announced Wednesday the loss of 11,000 jobs, or about 13% of its workforce, a large-scale social plan in a technological sector heavily affected by the economic crisis.
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“
Today, I share some of the most difficult changes we have made in the history of Meta
”, announced the boss of the group, Mark Zuckerberg, in a message addressed to the employees.
“
I have decided to reduce the size of our team by approximately 13% and part with 11,000 of our talented employees.
»
Wednesday's announcement is the first social plan in the group's history.
“
I want to take responsibility for those decisions and how we got here.
I know it's difficult for everyone, and I'm especially sorry for those affected
,” added Mark Zuckerberg.
Meta, which had some 87,000 employees worldwide at the end of September, reported a disappointing financial performance in the third quarter with a sharp decline in revenue and profits and a stagnation in its number of users.
Mark Zuckerberg then announced that the group's workforce could decrease by the end of 2023.
Meta does not immediately specify the geographical distribution of the job cuts.
Employees terminated in the United States will receive 16 weeks of base pay and two additional weeks of pay for each year of service.
The company will cover their health insurance for six months.
Massive departures in the tech sector
The layoffs at Meta, which also owns the social network Instagram and the messaging service WhatsApp, are part of a broader context of massive departures in the tech sector.
Last week, two Silicon Valley companies, Stripe and Lyft, announced sweeping layoffs as Amazon froze office hiring.
, recently acquired by Elon Musk, has just laid off about half of its 7,500 employees.
On Wall Street, where Meta's announcement was widely anticipated, the group's stock rose just over 4% in pre-opening electronic trading.
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Read also: Tech giants are going through a bad financial patch
(
With
AFP)
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