Meta Platforms (NASDAQ: META) stated in an SEC filing on Wednesday that its planned lay-offs are expected to affect 11,000 of its employees across its Family of Apps and Reality Labs business segments.
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Mark Zuckerberg, Founder, and CEO of Meta Platforms stated in a newsroom post, “I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go. We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1. I want to take accountability for these decisions and for how we got here.”
The social media giant also stated that its Q4 outlook remains unchanged and it continues to anticipate revenues ranging between $30 billion and $32.5 billion.
META now anticipates its FY23 expenses to be in the range of $94 billion to $100 billion, lowered from its prior estimate in the range of $96 billion to $101 billion. The company stated that this reduced expense outlook is a result of the company “significantly slowing our hiring trajectory through the beginning of 2023.”
In another blow to META, it has projected that operating losses at Reality Labs in 2023 will increase significantly year-over-year.
