Facebook Parent Company Meta Cuts 11,000 Jobs
2022-11-10
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1Meta, the company that owns the social media service Facebook, announced Wednesday that it will cut 11,000 jobs.
2Company chief Mark Zuckerberg started Facebook in 2004.
3In a letter to employees, he took responsibility for misjudging how the economy would change after COVID-19 restrictions ended.
4"This did not play out the way I expected," Zuckerberg wrote.
5He pointed to a loss of advertising and said people used their computers and mobile phones less often after the pandemic ended.
6He said he made the choice to hire more people because he expected the company's profits to grow.
7"I got this wrong," he wrote.
8The price of Meta stock shares has gone down by over 70 percent in 2022.
9At the same time, Zuckerberg directed the company to invest $10 billion each year to create "the metaverse."
10Zuckerberg believes a digital universe will soon replace smart phones as the main way people use technology.
11In the summer, Zuckerberg's company reported its first-ever revenue drop.
12It reported another drop in the autumn.
13A worldwide economic slowdown and a bad expectation for advertising hurt Meta and other social media companies.
14For example, Twitter cut 7,500 jobs last week as businessman Elon Musk took over the social media service.
15In addition, some social media companies are having trouble getting the same amount of information from their users.
16Last year, Apple made changes to the way its iPhones report user activity.
17The changes make it harder for social media companies such as Facebook, Instagram and Snapchat to send targeted advertisements to phone owners.
18In addition to the job cuts, Meta said it will not hire new employees at least until the spring of 2023.
19Zuckerberg said the company made changes to cut costs, but it was not enough.
20He called the choice to cut jobs a "hard decision."
21Meta employees will soon find out if they have a job by email.
22If their job is cut, they will be able to use their company email to say goodbye to co-workers.
23They will receive at least 16 weeks of pay if they lose their jobs.
24The company's stock market price rose about six percent after the news was released.
25I'm Dan Friedell.
1Meta, the company that owns the social media service Facebook, announced Wednesday that it will cut 11,000 jobs. 2Company chief Mark Zuckerberg started Facebook in 2004. In a letter to employees, he took responsibility for misjudging how the economy would change after COVID-19 restrictions ended. 3"This did not play out the way I expected," Zuckerberg wrote. 4He pointed to a loss of advertising and said people used their computers and mobile phones less often after the pandemic ended. He said he made the choice to hire more people because he expected the company's profits to grow. 5"I got this wrong," he wrote. 6The price of Meta stock shares has gone down by over 70 percent in 2022. At the same time, Zuckerberg directed the company to invest $10 billion each year to create "the metaverse." Zuckerberg believes a digital universe will soon replace smart phones as the main way people use technology. 7In the summer, Zuckerberg's company reported its first-ever revenue drop. It reported another drop in the autumn. 8A worldwide economic slowdown and a bad expectation for advertising hurt Meta and other social media companies. For example, Twitter cut 7,500 jobs last week as businessman Elon Musk took over the social media service. 9In addition, some social media companies are having trouble getting the same amount of information from their users. Last year, Apple made changes to the way its iPhones report user activity. The changes make it harder for social media companies such as Facebook, Instagram and Snapchat to send targeted advertisements to phone owners. 10In addition to the job cuts, Meta said it will not hire new employees at least until the spring of 2023. 11Zuckerberg said the company made changes to cut costs, but it was not enough. He called the choice to cut jobs a "hard decision." 12Meta employees will soon find out if they have a job by email. If their job is cut, they will be able to use their company email to say goodbye to co-workers. They will receive at least 16 weeks of pay if they lose their jobs. 13The company's stock market price rose about six percent after the news was released. 14I'm Dan Friedell. 15Dan Friedell adapted this story for VOA Learning English based on a report by the Associated Press. 16_________________________________________________________________ 17Words in This Story 18revenue -n. money that is earned by or paid to a business or organization 19_________________________________________________________________ 20We want to hear from you. Do you think Facebook and Meta will start making a lot of money again? 21We have a new comment system. Here is how it works: 22Each time you return to comment on the Learning English site, you can use your account and see your comments and replies to them. Our comment policy is here.