I'm not really sure what the point of the layoffs here are. Are they realizing that they had no idea how to effectively put 11.000 people to work? What are they trying to achieve?
Its been mentioned in other places but to summarize:
* this is a cost cutting measure and not primarily driven by the need to cull "low performing" employees.
* point of the company is not to guarantee employment or even keep the lights on; its to maximize the stock price (at least according to the prevailing worldview, which I disagree with). Investors use the stock price as a proxy for their belief in a company's future. If the stock price is high, company invests and expands, if its low, it contracts until the investors/markets believe it can generate value.
* layoffs scare the employees that remain into working harder. The sad truth is that unless you're really exceptional, this doesn't really matter. But they will likely see a productivity boost for a little while. Again, this is pretty short term.
Which seems bizarre to me. Cutting costs just leads to hollowing out your expertise and institutional knowledge (see Intel) to the point where it eventually becomes far more difficult or even impossible to grow. This is the time to reorganize, restrategize, reprioritize and solve long-standing cultural/organisational issues, not fire people who could potentially help the company through tough times.
Oh well. It's FB, I'm okay with it if they sink the ship.
