Meta laying off more than 11,000 employees. Swipe>>

Meta is laying off 13% of its staff, or more than 11,000 employees, CEO Mark Zuckerberg said in a letter to employees Wednesday.

“Today I’m sharing some of the most difficult changes we’ve made in Meta’s history,” Zuckerberg said in the letter. - Contain's Letter

“I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go. - Contain's Letter

We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1.”

Shares of Meta were up about 4% in premarket trading.

Investors have been concerned about Meta’s rising costs and expenses, which jumped 19% year over year in the third quarter to $22.1 billion.

The company’s overall sales declined 4% to $27.71 billion in the quarter while its operating income dropped 46% from the previous year to $5.66 billion.

“I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I’m especially sorry to those impacted.” Zuckerberg said.

He said Meta is making reductions in every organization but that recruiting will be disproportionately affected

Since the company plans to hire fewer people in 2023.

The company extended its hiring freeze through the first quarter with a few exceptions, Zuckerberg said.

“This is a sad moment, and there’s no way around that. To those who are leaving, I want to thank you again for everything you’ve put into this place,” he added.

Impacted employees will receive 16 weeks of pay plus two additional weeks for every year of service, Zuckerberg said.