Meta’s stock has tumbled, now its workforce faces broad cuts
, saying he was at fault for being overoptimistic about the company’s future growth based on a pandemic surge.
“At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth,” said Zuckerberg. “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. Unfortunately, this did not play out the way I expected.”
Zuckerberg said the company would shift more resources on “a smaller number of high priority growth areas,” including ads, AI, and the metaverse. Meta reported some 87,000 employees in September, and the cuts mark the first broad layoffs since the firm’s founding in 2004. Why has Meta been hit so hard? Well, a projected downturn in the US economy has blunted momentum for many tech stocks, but the company’s prospects have also been affected by both strong competition from rivals and wayward strategy.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Volkswagen et Audi : rappel de 230 000 véhicules | Actualités automobile | Auto123Volkswagen et Audi procèdent à un rappel important, car il touche quelque 230 000 véhicules. Auto123 a les détails.
Read more »
Volkswagen et Audi : rappel de 230 000 véhicules | Actualités automobile | Auto123Volkswagen et Audi procèdent à un rappel important, car il touche quelque 230 000 véhicules. Auto123 a les détails.
Read more »
Meta expected to announce layoffsTech analysts are expecting Meta to announce a round of layoffs as soon as Wednesday morning.
Read more »
Meta Quest Pro teardown contains some big surprises | Digital TrendsA teardown of Meta's Quest Pro reveals why the headset costs so much and uncovers a few big surprises about the headset, battery, and controllers.
Read more »
Meta to lay off ‘many thousands’ of workers this week: reportMeta to lay off 'many thousands' of workers this week: report
Read more »
What would Meta layoffs mean for Zuckerberg’s bold metaverse plan?If Meta’s Reality Labs segment emerges unscathed from layoffs, the pressure to deliver on metaverse hype will increase.
Read more »