Layoffs in the tech industry continued on Wednesday, as Facebook’s parent company Meta announced it was laying off more than 11,000 employees, about 13 percent of the brand’s staff.

In a letter announcing the decision, Meta CEO Mark Zuckerberg blamed the decision on a surge in e-commerce during the COVID-19 pandemic that caused the company to make strategic investment mistakes. “Unfortunately, this didn’t turn out the way I had hoped,” Zuckerberg said. “Not only has online commerce returned to earlier trends, but the macroeconomic downturn… [has] made our income much lower than I expected.”

Beyond the layoffs, Zuckerberg also said that Meta would take additional steps to “become a more agile and efficient company by reducing discretionary expenses and expanding our hiring…