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Meta Platforms&nbsp;Inc META shares are trading higher Wednesday morning after the company confirmed details surrounding layoffs in <a href="https://www.benzinga.com/news/22/11/29629107/mark-zuckerberg-takes-blame-for-over-optimism-as-meta-set-to-lay-off-thousands-tomorrow">a letter to employees</a>.

According to a new SEC <a href="https://www.sec.gov/Archives/edgar/data/1326801/000132680122000116/nov092022exhibit991.htm">filing</a>, CEO Mark Zuckerberg wrote a letter to employees explaining why he plans to lay off more than 11,000 employees, reducing&nbsp;the&nbsp;size of the Meta team&nbsp;by about 13%.

&quot;At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth.&nbsp;Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I did too, so I made the decision to significantly increase our investments,&quot; Zuckerberg said.

&quot;Unfortunately, this did not play out the way I 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&#39;d expected. I got this wrong, and I take responsibility for that.&quot;

The Meta CEO also noted that the company plans to take&nbsp;&quot;a number of additional steps&nbsp;to become a leaner and more efficient company,&quot; which includes&nbsp;cutting discretionary spending and extending the company&#39;s&nbsp;<a href="https://www.benzinga.com/news/22/10/29132855/meta-closed-one-new-york-office-scales-back-real-estate-ambitions-as-uncertainties-weigh">hiring freeze</a> through the first quarter.

See Also:&nbsp;<a href="https://www.benzinga.com/news/22/11/29629107/mark-zuckerberg-takes-blame-for-over-optimism-as-meta-set-to-lay-off-thousands-tomorrow">Mark Zuckerberg Takes Blame For Over-Optimism As Meta To Lay Off 13% Of Its Staff: &#39;I Was Wrong&#39;</a>

META Price Action: Meta has a 52-week high of $353.83 and a 52-week low of $88.09.

The stock was up 5.57% at $101.90 at time of publication, according to&nbsp;<a href="https://benzinga.grsm.io/movers399">Benzinga Pro</a>.

Photo:&nbsp;<a href="https://www.flickr.com/photos/quintanomedia/" id="yui_3_16_0_1_1667498956455_418273" title="Go to Anthony Quintano's photostream">Anthony Quintano</a>&nbsp;from Flickr.

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Meta Platforms&nbsp;Inc (NASDAQ: META) shares are trading higher Wednesday morning after the company confirmed details surrounding layoffs in a letter to employees

Meta Platforms Stock Is Surging: What's Going On? - Meta Platforms (NASDAQ:META)

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Meta Platforms&nbsp;Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>) shares are trading higher Wednesday morning after the company confirmed details surrounding layoffs in <a href="https://www.benzinga.com/news/22/11/29629107/mark-zuckerberg-takes-blame-for-over-optimism-as-meta-set-to-lay-off-thousands-tomorrow">a letter to employees</

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