Business

Meta laid off 11,000 employees, or 13% of its workforce, amid falling revenues from advertising and e-commerce. The parent company of Facebook, Instagram and WhatsApp is also considering other cost-cutting measures, and suggested it would close offices. In a separate filing it said it expects losses to grow significantly next year at its Reality Labs division, at a time when investors are already frustrated with Meta’s focus on creating a metaverse at the expense of the rest of the business. Mark Zuckerberg said he took full responsibility. The company’s market value is now around $270bn, down from $1trn in September 2021.