Why did Facebook fired 11,000 employees?

date_range 03-Apr-2023
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Facebook had fired 11,000 employees in the early year and why is that?

One of the largest digital businesses in the world recently made an unusual decision and let 13% of its employees go. Facebook's parent company, Meta, revealed that it had given notice to 11,000 employees worldwide.

The CEO of Meta stated that the revenue was "far lower" than he had anticipated due to the financial slump. The quarterly results for Meta didn't provide a positive picture, and the outlook for the following quarter isn't very upbeat either.

The CEO of Meta also cited "increasing competition" and "advertising signal loss" such as Tiktok as other causes for revenue losses, which suggests that Apple's App Tracking Transparency actually caused Meta a serious blow.

This year, a lot of tech organizations have followed Meta in making significant layoffs, and the pattern serves as a sobering reminder that, no matter how much you provide, your employer may not always return the favor.