![]() Those names include Amazon, Salesforce, a couple other names there. A number of the larger firms announcing massive layoffs. SEANA SMITH: Meta clearly not alone in the tech-cutting picture here. And so they've got, effectively, almost $10 billion of expense out, which just tells you how overweight they were on potentially unnecessary roles. And I want to play a quick clip for what he had to tell us.īRENT THILL: The expense structure was way ahead of the revenue growth, so I think what we're doing now is bringing the expense structure down to our growth. He's an analyst with Jefferies that covers Meta, got his reaction to these cuts. This is clearly a follow-through on the message that we heard from Mark Zuckerberg in the last earnings call. That is their North Star, but, nonetheless, AI is now taking the forefront. That is a strategy, but it's very capital intensive. And, yes, it is still involved with Metaverse, the VR Metaverse strategy that had been announced last year. It is rebuilding its tools when it comes to its reliance on user data for advertising. That is the first-and-foremost focus because of this craze that we've also seen in AI. The stock ending the week up 10%, though today it was lower.īut look, Meta has been now focusing on AI much more. Zuckerberg in a statement writing, quote, "This will be tough, and there's no way around that." Meta will undergo additional restructuring over the next couple of months, and the cost-cutting measures clearly having a positive impact on investors. The company also closing an additional 5,000 open roles that hadn't been filled yet. Meta had already laid off 11,000 employees back in November, and Zuckerberg branding 2023 as the, quote, "Year of efficiency." There you see it on the screens, Meta down for the day. This comes after CEO Mark Zuckerberg announced 10,000 job cuts on Tuesday. Shares of Meta ending the day slightly lower. INES FERRÉ: Taking a look, also, at what's happening with Meta. Employee options vest on Feb 15, and annual bonuses hit in March - both of which could be factors in workers’ potential decisions to leave, according to another person familiar with the company’s plans.Yahoo Finance Live observes Meta shares following the social media company's latest round of cost-cutting measures and layoffs, as tightening and job cuts continue to plague the greater tech landscape. ![]() He added that based on his life experience, transitioning to a four-day work week all the time would not be productive.įacebook employees, like many in the technology industry, tend to be heavily compensated via shares. He also encouraged exhausted employees to use their vacation days. The social media giant is thinking of extending existing three-day holiday weekends, Zuckerberg said, responding to a question on burnout. Meta is already talking about ways to retain staff amid the stock rout. Zuckerberg’s own wealth dropped by US$31bil. ![]() Others fretted about what a continued decline might mean for their net worth, according to people familiar with the matter. ![]() Some were discussing buying shares during the dip, believing in Zuckerberg’s long-term vision for the metaverse, an immersive version of the internet. Facebook lost a record $251 bil of value in a single day. Meta’s Instagram app has a copycat of TikTok called Reels, which the company is now prioritising.Įmployees were glued to the stock price. ![]() Zuckerberg echoed his remarks of a day earlier to investors, telling employees that the social networking giant faced an "unprecedented level of competition,” with the rise of TikTok, the rival viral-video platform. It is important to focus on growing Facebook’s short-video product, he said. His red, teary eyes were the result of a scratched cornea, the Facebook founder said Thursday, rallying employees as Meta Platforms Inc.’s stock price lost more than a quarter of its value.Īt a company-wide virtual meeting, Zuckerberg explained that the historic stock drop was a result of Meta’s weak forecast for revenue in the current quarter, according to a person who attended and was not authorised to speak about it. Mark Zuckerberg quipped that if he started to cry, it wasn’t because of the day’s news. ![]()
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