Major layoffs are hitting Facebook and Instagram owner Meta Platforms Inc. as the company says it wil lay off about 11,000 employees, or about 13% of its global workforce.

CEO Mark Zuckerberg announced the decision in an email to staff Wednesday morning.

“Today I’m sharing some of the most difficult changes we’ve made in Meta’s history,” Zuckerberg wrote. “I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go. 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.”

Zuckerberg added that the company is slashing its employee base and implementing the freeze because it wants to operate more efficiently, and because “revenue outlook is lower than we expected at the beginning of this year.”

More to come.