(MENLO PARK, Ca.) — CBS News reports that Facebook’s parent company Meta Platforms is laying off some 11,000 workers, representing about 13% of their workforce.

Alongside Facebook, Meta owns Instagram, Messenger, and WhatsApp. The layoffs are coming in parallel with those taking place at Twitter, where new CEO Elon Musk has announced layoffs of about 50% of the 7,500-person workforce.

“We’ve cut costs across our business, including scaling back budgets, reducing perks, and shrinking our real estate footprint,” Meta Platforms CEO Mark Zuckerberg said. “We’re restructuring teams to increase our efficiency. But these measures alone won’t bring our expenses in line with our revenue growth, so I’ve also made the hard decision to let people go.”

In summer 2022, Meta posted a revenue decline for the first time in company history. A larger decline followed in the fall.

“In 2023, we’re going to focus our investments on a small number of high priority growth areas. So that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year,” Zuckerberg said on the company’s last earnings call. “In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today,”

Employees will receive severance pay, six more months of healthcare, and any remaining PTO.

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