Facebook parent company Meta will lay off more than 11,000 employees, about 13% of its workforce, CEO Mark Zuckerberg announced Wednesday.
In a message to employees, Zuckerberg said the company plans to take additional steps along with the layoffs "to become a leaner and more efficient company."
"The teammates who will be leaving us are talented and passionate, and have made an important impact on our company and community," said Zuckerberg in his note. "Each of you have helped make Meta a success, and I'm grateful for it."
Zuckerberg said Meta significantly increased investments, believing surges in e-commerce and people shifting online caused by the COVID pandemic would remain high.
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"Unfortunately, this did not play out the way I expected," he said. "Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I'd expected. I got this wrong, and I take responsibility for that."
Zuckerberg said Meta will also perform other cost-cutting measures including shrinking the company's real estate footprint and maintaining a hiring freeze through the first quarter.
Shares of Meta were up more than 3% in premarket trading.
During a third-quarter earnings call last month, Zuckerberg had said he expected Meta to enter 2023 with roughly the same headcount.
"In 2023, we're going to focus our investments on a small number of high priority growth areas," Zuckerberg said. "In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today."
Contributing: Amanda Pérez Pintado
Follow Brett Molina on Twitter: @brettmolina23.
This article originally appeared on USA TODAY: Meta layoffs: Facebook parent to cut more than 11,000 employees