Meta Lays Off 11,000

  • Meta is laying off 13% of its staff, or more than 11,000 employees, CEO Mark Zuckerberg told employees on Wednesday.
  • Meta provided lukewarm guidance in late October for its upcoming fourth-quarter earnings that spooked investors and caused its shares to sink nearly 20%.
  • The company’s costs and expenses jumped 19% year over year in third quarter to $22.1 billion.
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