Meta PlatformsInc META shares are trading higher Wednesday morning after the company confirmed details surrounding layoffs in a letter to employees.

According to a new SEC filing, CEO Mark Zuckerberg wrote a letter to employees explaining why he plans to lay off more than 11,000 employees, reducingthesize of the Meta teamby about 13%.

"At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth.Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I did too, so I made the decision to significantly increase our investments," Zuckerberg said.

"Unfortunately, this did not play out the way I expected. Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I'd expected. I got this wrong, and I take responsibility for that."

The Meta CEO also noted that the company plans to take"a number of additional stepsto become a leaner and more efficient company," which includescutting discretionary spending and extending the company'shiring freeze through the first quarter.

See Also:Mark Zuckerberg Takes Blame For Over-Optimism As Meta To Lay Off 13% Of Its Staff: 'I Was Wrong'

META Price Action: Meta has a 52-week high of $353.83 and a 52-week low of $88.09.

The stock was up 5.57% at $101.90 at time of publication, according toBenzinga Pro.

Photo:Anthony Quintanofrom Flickr.