Facebook, Instagram parent company Meta cuts 11,000 jobs

Meta, the parent company of Facebook and Instagram, on Wednesday laid off 11,000 employees, or 13% of its workforce, amid lowered revenue. 

The company, which had more than 87,000 employees in September, grew dramatically at the start of the COVID-19 pandemic.

However, CEO Mark Zuckerburg acknowledged that with the lockdowns over, the company's revenue is down. 

"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," he said.

Reports surfaced Monday that Meta was planning the first large layoffs in the company's history.

Those being let go will receive 16 weeks of base pay plus two additional weeks for each year of service. They will also receive pay for all remaining paid time off.