Why are tech firms laying off workers in hot US jobs market?

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Why are tech firms laying off workers in hot US jobs market?
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Facebook parent Meta's announcement of plans to slash its workforce by 11,000 is just the latest in a wave of tech sector employment turmoil that's bubbling up even as the overall US jobs market continues to run red-hot.

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Meta Confirms Layoffs—11,000 Jobs Cut At Facebook’s Parent CompanyMeta Confirms Layoffs—11,000 Jobs Cut At Facebook’s Parent CompanyChief executive Mark Zuckerberg said the company had to cut 13% of its workforce as part of plans “to become a leaner and more efficient company.”
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Meta plans major job cuts at Facebook as tech companies implement layoffsMeta plans major job cuts at Facebook as tech companies implement layoffsFacebook parent Meta is laying off 11,000 people, about 13% of its workforce, as it...
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Facebook parent company Meta to lay off more than 11,000 employeesFacebook parent company Meta to lay off more than 11,000 employeesMark Zuckerberg announced the news to Meta employees on Wednesday morning, saying: “I want to take accountability for these decisions and for how we got here.'
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Facebook parent Meta cuts 11,000 jobs, 13% of workforceFacebook parent Meta cuts 11,000 jobs, 13% of workforceBREAKING: Facebook parent Meta is laying off 11,000 people, about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes, CEO Mark Zuckerberg said in a letter to employees.
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Facebook parent company Meta laying off 11,000 people, about 13% of workforceFacebook parent company Meta laying off 11,000 people, about 13% of workforceFacebook parent Meta is laying off 11,000 people, about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes, CEO Mark Zuckerberg said in a letter to employees Wednesday.
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Facebook parent company Meta laying off 11,000 people, 13% of workforceFacebook parent company Meta laying off 11,000 people, 13% of workforceFacebook parent Meta is laying off 11,000 people, about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes
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