The news out of Facebook-parent Meta Platforms on Wednesday was great for the stock and terrible for a lot of employees. CEO Mark Zuckerberg told the latter that the company would lay off 13% of the staff, or more than 11,000. The point: Meta has spent a lot of money, even by Silicon Valley standards, and now it’s time to get leaner. Shares went up more than 5% over the previous day’s close.

The pandemic fooled Zuckerberg, who, as MarketWatch reported, said that the surge of growth didn’t keep going the way he expected. “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,” he reportedly said. “I got this wrong, and I take responsibility for that.”

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Erik Sherman

 

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