Meta has laid off 11,000 people, or 13 percent of its total workforce, after a dismal quarterly report.

“Today I am sharing some of the most difficult changes we have made in Meta history,” Meta CEO Mark Zuckerberg said in a letter to his employees. “I have decided to reduce the size of our team by approximately 13 percent and lay off more than 11,000 of our talented employees.”

Zuckerberg added that he takes responsibility for the decision, attributing the layoff to an inability to meet the high revenue expectations investors had set during the pandemic and overinvestment based on incorrect predictions.

“Unfortunately, this did not turn out as expected,” Zuckerberg said in the letter. “Not only has online commerce returned to previous trends,…