Meta Slashes Over 11,000 Jobs, 13% of Its Workforce
Facebook parent Meta Platforms (META) said on Wednesday that it has cut its workforce by 13%, letting go off of over 11,000 employees.
The social media giant said the job cuts were across its Family of Apps (FoA) and Reality Labs segment. Family of Apps includes Facebook, Instagram, Messenger, WhatsApp and other services, while Reality Labs houses its augmented and virtual reality operations.
Meta also said that Reality Labs' operating losses in 2023 will continue to grow significantly year-over-year.
The platform has been trying to make inroad into Web3 after halting its stablecoin efforts. Facebook even rebranded to Meta to reiterate its focus on building the metaverse.
The firm recently said that Instagram users will be able to mint and sell non-fungible tokens (NFTs).
Meta shares were up over 3% at $99.8 during pre-market trading.