Facebook's parent company, Meta has announced in a report that it will lay off over 11,000 employees, or 13% of its workforce.

The CEO Mark Zuckerberg said this in a statement to employees citing that the macroeconomic downturn, increased competition, and advertising loss have caused revenue to be much lower than expected.

This came after the social media giant released a 52% decline in net revenue in its final report for the 3rd quarter as a result of the surge in spending and falling revenue. The Silicon Valley giant's net income sat at $4.4 billion in Q3 2022, down 52% from the $9.2 billion in the year prior.

The company had also lost 67% of its market share since 2021, as investments in the Metaverse weighed heavy on the company and its stocks crash in the open market as investors continue to withdraw.

The company, which owns Facebook, Instagram, and Whatsapp, has also announced it will cut spending and extend its hiring freeze through the first quarter of 2023 in a bid to become a leaner and more efficient company by cutting discretionary spending.

Mark Zuckerberg who took accountability for the decision said in the report, that employees would be notified of their fate in an email. The report confirmed that base severance payment of up to 16 weeks, plus two additional weeks for every year of service and the cost of healthcare for laid-off employees and their families for six months, amongst other benefits, will be covered by the company.

This move by Meta comes barely a week after Twitter announced a global layoff of 50% of its workforce, accounting for about 3500 employees after the acquisition of the billionaire, Elon Musk.