Meta: job cuts follow challenging financial results for Q3
Meta has announced that it is cutting more than 11,000 jobs, or 13% of its workforce.
The company is also cutting discretionary spending and extending its hiring freeze through the first quarter of next year.
This follows a challenging set of financial results for Q3 2022, where Meta reported a 52% fall in net income to $4.4bn and a 4% drop in advertising revenues to $27.2bn. Ad impressions across Meta’s apps, Facebook, Instagram and WhatsApp, rose by 17% in the quarter, but the average price-per-ad continued to decrease.
Meta chief executive Mar
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