Meta has announced that the company will lay off 10,000 employees and close 5,000 other roles as the company continues to cut costs due to the advertising revenue decline.

 

Meta has announced that the company will lay off 10,000 employees and close 5,000 other roles as the company continues to cut costs due to the advertising revenue decline.  These cuts come after 11,000 employees were laid off in Nov. 2022.  Facebook suffered its first-ever annual sales fall in 2022 due to the broader decline in the advertising industry.  Meta has also been negatively impacted by its shift in focus and investment toward metaverse-compatible technologies, impacting its stock price.  The company had been hiring aggressively before 2022, increasing its employees by 30% in 2020 and 23% in 2021.  Zuckerberg had previously stated that Meta's focus in 2023 would be to make the company as efficient as possible. Thus far, this has meant moving away from major initiatives in the metaverse space and significantly reducing the number of employees.