Summary:
- Meta (Facebook's parent company) announced significant layoffs, cutting 11,000 jobs or 13% of its workforce, as the company faces slowing revenue growth and increased costs.
- The company expects 2023 to be an "intense year of efficiency" as it focuses on key priorities like its AI discovery engine, ads, and the Metaverse.
- Meta's CEO Mark Zuckerberg acknowledged the company expanded too quickly during the pandemic and needs to become a "leaner and more efficient" organization to weather the current economic downturn.