CEO Mark Zuckerberg described the cuts as one of the “most difficult changes” they’ve had to make in Meta’s history.
“I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I’m especially sorry to those impacted,” he said in a message to employees that was also posted online.
Zuckerberg said he wrongly estimated that the revenue growth the company saw during the height of the COVID-19 pandemic would continue, and therefore grew the company’s investments.
“Unfortunately, this did not play out the way I expected,” he said. “Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected. I got this wrong, and I take responsibility for that.”
This is a developing story. Please check back for updates.