“I want to take responsibility for these decisions and how we got here,” Zuckerberg said in a note to employees.
“I know it’s been tough for everyone, and I’m especially sorry to those affected,” he added.
Ad-supported platforms like Facebook and Google are suffering as advertisers seek to cut costs as they battle inflation and rising interest rates.
Zuckerberg told employees he had expected e-commerce and online activity to continue to grow during the coronavirus pandemic, but added: “I was wrong and I was responsible for it.”
The downturn has affected companies across the industry, and Apple and Amazon have recently reported disappointing results for investors.
But Meta also faced some unique problems.
Investors have been concerned about Zuckerberg’s decision to spend billions developing Virtual World, an immersive web version accessed through a virtual reality headset.
Zuckerberg renamed the company Meta a year ago to reflect its commitment to the project, but the unit working on Metaverse technology has since lost more than $3.5 billion.
He has signaled several times this year that austerity measures are just around the corner, saying in Wednesday’s letter that layoffs were a “last resort”.
Meta will also continue to freeze hiring next year and envision other spending cuts, he said.
“Fundamentally, we’re making all these changes for two reasons: our revenue outlook is lower than we expected at the beginning of the year, and we want to make sure we’re operating efficiently,” he wrote.
Last month, Meta posted a third-quarter profit of $4.4 billion, down 52% from a year earlier, sending its shares down 25%.