Facebook-owner Meta to cut 13% of its workforce

Meta, which owns Facebook, Instagram and WhatsApp, has announced that it will cut 13% of its workforce.

In total 11,000 employees are to be laid off from its worldwide headcount of 87,000 people.

In a statement, Meta chief executive Mark Zuckerberg said the cuts were “some of the most difficult changes we’ve made in Meta’s history”.

The news follows major lay-offs at Twitter, which cut about half its staff, and other tech firms.

“I know this is tough for everyone, and I’m especially sorry to those impacted,” he wrote in the statement.

Mr Zuckerberg blamed massive long-term expectations for growth based on the firm’s rise in revenue during the pandemic.

“Many people predicted this would be a permanent acceleration,” he wrote, “I did too, so I made the decision to significantly increase our investments.”

Instead he said “macroeconomic downturn” and “increased competition” caused revenue to be much lower than expected

“I got this wrong, and I take responsibility for that,” he said.