Meta layoff of 11,000 workers worldwide hits Canadian staff

By The Canadian Press on November 9, 2022.

TORONTO – A number of Canadian workers have been laid off by Meta Inc. as the tech giant announced plans to cut 13 per cent of its workforce in a bid to become “leaner and more efficient.”

Canadian staff in the company’s creative partnerships, client relations and human resources departments all posted about their layoffs on LinkedIn.

Meta spokesperson Alex Kucharski would not say how many Canadians were impacted by the cuts, but directed The Canadian Press to a public letter from founder Mark Zuckerberg, which said a total of about 11,000 workers would be departing.

Zuckerberg says the cut were the product of his company miscalculating that the revenue growth caused by the pandemic surge in e-commerce would be permanent.

Seeing the initial surge, Zuckerberg says he made the decision to significantly increase Meta’s investments, but later realized, things were not playing out as he hoped.

He says not only has online commerce returned to prior trends, but the sector has also seen a downturn, increased competition and pressure on ads, weighing on revenues.

This report by The Canadian Press was first published Nov. 9, 2022.

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