Pandemic boom to season of layoffs: How big tech and startups got it wrong

It is not just Meta which is looking at becoming capital efficient. Alphabet, the parent company of Google and Microsoft have already sent messages that focus will be on increasing productivity

Mark Zuckerberg, founder and CEO of Meta, summed it up well as he explained the reason for the company sacking 13 per cent of its employees. He said no one predicted that the boom for digital services during the Covid pandemic would die out.

“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. Unfortunately, this did not play out the way I expected,” he wrote to his employees.

Zuckerberg further explained: “Not only has online commerce returned to prior