Sunday, December 4, 2022
Home BUSINESS Meta is forced to cut staff and hiring as revenue falls

Meta is forced to cut staff and hiring as revenue falls

Meta CEO Mark Zuckerberg warned employees Thursday to expect cost-cutting measures in the near future, including hiring freezes and restructuring.

The parent company of Facebook, Instagram and WhatsApp has faced unprecedented economic headwinds, seeing its revenue fall year-over-year for the first time in the second quarter of this year.

(Despite the slight annual drop, Meta is still a great source of income. In the second quarter, the company informed “only” $28.8 billion in revenue).

The recession means Meta teams must expect shrinking budgets and fewer employees across the board.

“I was hoping the economy would have stabilized more clearly now, but from what we’re seeing, it doesn’t look like it has yet, so we want to plan somewhat conservatively,” Zuckerberg told staff during a question-and-answer session on Thursday. Thursday, according to comments obtained by Bloomberg.

“For the first 18 years of the company, we basically grew rapidly every year, and then more recently our revenues have been flat or slightly down for the first time.”

Declining digital ad revenue and competition from startups like TikTok are cutting into Meta’s bottom line at the same time Zuckerberg is trying to shift focus to the metaverse, itself a costly endeavor with no clear path to profitability. .

Meta shares fell about 4% in trading on Thursday. The stock is down nearly 60% from its 52-week high.


Biden Student Loan Admission – WSJ

Has the Biden administration admitted that its student loan forgiveness is illegal? That's what it looks like after his move late last week...

A 95-square-foot apartment in Tokyo: ‘I wouldn’t live anywhere else’

TOKYO — At the end of a long day at work in the offices of Japan's professional baseball league, Asumi Fujiwara returned to her...

These job training programs work and can show others the way

For Amber Mitchell Ikpe, learning computer software skills was just one part of the experience at Year Up, a nonprofit job training program.The course,...


Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Stella McCartney dabbles in art at eco-pioneering show in Paris

PARIS (AP) — It was as much an art fair as it was a fashion show for Stella McCartney, who presented an art-filled spring...

Netflix’s ‘Dahmer’ series sparks a disturbing trend on TikTok

The new Netflix show Dahmer — Monsters: The Jeffrey Dahmer Story has dominated online discussions for the past week as the show dramatizing the...

‘The Great British Baking Show’ 2022

Paul Hollywood, Prue Leith: We have a bone to pick with you two. sit down. Have a biscuit and some tea. We...

Who won the 2022 Nobel Prize in Medicine?

This year's Nobel Prize in Medicine was awarded to Swedish geneticist Svante Pääbo.The prestigious award went to pääbo "For his discoveries...