By Joseph Branch in Economics News —

Meta is laying off more than 11,000 employees, a 13 percent drop.

Meta is laying off more than 11,000 employees, a 13 percent drop.
Photo by Dima Solomin / Unsplash

The company is laying off employees because of huge costs and declining advertising revenue. During the year, the company's stock plummeted 70%.

Meta plans to implement additional cost-cutting changes in the coming months.