Surprise! Facebook Parent Meta Layoffs Seen Saving Only a Small Fraction of Losses
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Meta Platforms Inc.’s first major layoffs won’t be nearly enough to get the company back to being as profitable as it was just two years ago, according to analysts.
Meta Platforms Inc.'s first major job cuts won't be nearly enough to get the company back to being as profitable as it was just two years ago, according to analysts. Meta laid off 11,000 workers on Wednesday. Chief Executive Officer Mark Zuckerberg said he bore responsibility for growing the company too quickly, on a failed bet that the increase in social media activity and online shopping during the pandemic would cometa jobntinue. “I got this wrong,” he said. But at the end of a difficult day for thousands of employees, the company -- parent to social media giants Facebook, Instagram and WhatsApp -- is still ...