Meta's third round of layoffs targets technical roles

"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."

One employee that was let go told CNBC Wednesday’s layoffs also affected product-facing teams and that Meta had plans to cut business-facing roles, such as finance, legal and HR, beginning in May. 

Zuckerberg had forewarned his employees about all these changes.

"We anticipate announcing reorganizations and layoffs in our tech groups by the end of April 2023, followed by our business groups by the end of May 2023,” he had said in March.

"In a small number of cases, it may take through to the end of the year to complete these changes.

"Our timelines for international teams will also look different, and local leaders will follow up with more details."

Not everyone is unhappy though: Wall Street has praised the downsizing while Meta shares have risen 81 percent this year after losing about two-thirds of their value last year. 

Revenue, however, has dropped for three straight quarters.

Meta is investing billions of dollars a quarter developing technology for the metaverse and just last quarter Meta’s Reality Labs unit, the entity responsible for building the metaverse, recorded a $4.28 billion operating loss, according to CNBC.