Like other tech companies, Meta has recently read investor cues and taken to playing up its focus on artificial intelligence rather than the metaverse. But she added that the company “can’t afford to sit still in this environment.” “The year of efficiency is off to a stronger than expected start for Meta,” Insider Intelligence principal analyst Debra Aho Williamson said in a statement. And it slightly lowered its expectations for full-year expenses, potentially buoying investor optimism. The company said it expects revenue to grow again in the current quarter compared to the prior year. Zuckerberg said on a call with analysts Wednesday that when Meta started its “efficiency work” late last year, “our business wasn’t performing as well as I wanted, but now we’re increasingly doing this work from a position of strength.” Meta took a hit of more than $1 billion related to the restructuring in the March quarter, and said it will realize additional charges of around $500 million related to 2023 layoffs by the end of the year. All told, the cuts will shrink Meta’s workforce by a quarter. And in March, Zuckerberg announced Meta would lay off another 10,000 employees. Meta said in November it would eliminate 11,000 jobs, the single largest round of cuts in its history. Meta has been in the midst of a massive restructuring, as it attempts to recover from a perfect storm of heightened competition, lingering recession fears resulting in fewer ad dollars and a multibillion dollar effort to build a future version of the internet it calls the metaverse. Price per advertisement - an indicator of the health of the company’s core digital ad business - also decreased by 17% from the year prior. The company also reported that profits declined by nearly a quarter compared to the same period in the prior year to $5.7 billion. Meta's latest round of layoffs is underway (AP Photo/Mark Lennihan, File) Mark Lennihan/AP 18, 2021, though, it abruptly pivoted to take the offensive in Australia, where it lowered the boom on publishers and the government with a sudden decision to block news on its platform across the entire country. For years, Facebook has been in a defensive crouch amid a slew of privacy scandals, antitrust lawsuits and charges that it was letting hate speech and extremism destroy democracy. 25, 2019, file photo, Facebook CEO Mark Zuckerberg speaks about "News Tab" at the Paley Center, in New York.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |