Facebook parent Meta to cut 11,000 jobs

Meta Platforms Inc has said it will let go of 13 per cent of its workforce, or more than 11,000 employees, in one of the biggest tech layoffs this year as the Facebook parent battles soaring costs and a weak advertising market.

The broad job cuts, the first in Meta's 18-year history, follow thousands of layoffs at other major tech companies including Elon Musk-owned Twitter and Microsoft Corp.

The pandemic boom that boosted tech companies and their valuations has turned into a bust this year in the face of decades-high inflation and rapidly rising interest rates, reports Reuters.

Meta, whose shares have lost more than two-thirds of their value, said on Wednesday it also plans to cut discretionary spending and extend its hiring freeze through the first quarter.