Published 9 November 2022 at 16.13
Media. Facebook's ownership company Meta plans to reduce its workforce by roughly 11,000 people. This corresponds to 13 percent of the staff, reports SVT Nyheter.
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“Unfortunately, it didn't go as I had expected”, writes Group CEO Mark Zuckerberg in a comment.
In a long letter to Meta's employees, he explains that he “made a mistake ” as he assumed that the strengthened digital presence during the pandemic would be permanent.
“Not only has online commerce returned to previous levels, but the macroeconomic downturn, increased competition and a decrease in demand for digital ads have resulted in that our revenues have been much lower than expected. I made a mistake and I take full responsibility for it,” writes Mark Zuckerberg.
There will also be austerity in, among other things, the group's budgets, and an earlier decision to freeze employment until the end of the first quarter of 2023 is extended.