Wednesday, 30 Nov 2022

Facebook owner Meta to sack 11,000 workers after revenue collapse

Facebook owner Meta to sack 11,000 workers after revenue collapse


Facebook owner Meta to sack 11,000 workers after revenue collapse

In the note on Wednesday, Zuckerberg said Meta had overinvested at the start of Covid, banking that the increase in online activity would continue and accelerate even after the coronavirus pandemic ended.

Even its October 2021 rebranding, from Facebook to Meta, could not stop the downward trend, and the company experienced its largest stock price drop in January this year, plummeting more than a third in less than four weeks. It now sits at under $100, its lowest level since early 2016.

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