![]() ![]() “We should take on the challenges that will be the most impactful, even if the full results won’t be seen for years.” “‘Focus on long-term impact’ emphasizes long-term thinking and encourages us to extend the timeline for the impact we have, rather than optimizing for near-term wins,” he wrote in his post. The meeting comes as employees confront the company’s rapid shift away from the social media business it has spent decades building. Engineers at Instagram and Facebook have reportedly been encouraged to apply for jobs in the metaverse and artificial reality departments at the company, and Meta has hired thousands of new workers from rival companies such as Apple.Įmployees are not the only ones spooked by the changes: investors seem wary as well. In a recent earnings call, he assured investors: “I’m pleased with the momentum and the progress that we’ve made so far and I’m confident these are the right investments for us to focus on going forward.” Meta’s stocks took a historic plunge following its most recent earnings report, leading the company to lose more than $230bn in market value.īut Zuckerberg has appeared to remain steadfast in his belief that the metaverse is a worthy venture, and has invested $10bn in the project already. Meta not only changed internal rules but also external branding. It said Tuesday it had rebranded the News Feed – one of its best-known products – changing the name to simply “Feed”. It also announced on Tuesday it had officially acquired Kustomer, a customer service management platform (the acquisition had been in the works since it was announced in November 2020).MENLO PARK, CA: Mark Zuckerberg promised to streamline Meta’s business in the year ahead as the company reported mixed results for Q4 2022. Revenue fell by 4% to $32.2 billion in Q4 compared to the same period in 2021, marking the third straight quarter of decline.Ĭosts and expenses shot up by 22% year-on-year to $25.8 billion, dragging down the company’s profit. Meta’s net income of $4.65 billion in Q4 represents a 55% decline from the prior year. Meta said restructuring efforts, including costs related to employee severance, the early termination of office leases and data center restructuring, cost it $4.2 billion in Q4. Zuckerberg told investors he was focused on “continuing to streamline the company,” during its earnings call on Wednesday, saying the management theme for 2023 is “the year of efficiency.” The company laid off 11,000 employees in the quarter.īut the cost-cutting is far from over. “We closed last year with some difficult layoffs and restructuring some teams, and when we did this, I said clearly that this was the beginning of our focus on efficiency and not the end,” Zuckerberg said. Meta expects another $1 billion in restructuring costs in 2023. It was the first time the company had broken out this segment in its earnings.Part of the efficiency focus will involve cuts. Net loss from Meta’s Reality Labs, the company’s augmented and virtual reality business, was $10.2bn for the full year 2021, up from $6.6bn the previous year. ![]() ![]() The company’s total revenue, the bulk of which comes from ad sales, rose to $33.67bn in the fourth quarter from $28.07bn a year earlier, beating analysts’ estimates of $33.40bn, according to IBES data from Refinitiv. Tech stocks fell broadly after the Meta announcement, with Alphabet Inc down 1.3 percent, Twitter Inc and Pinterest Inc both down 10 percent and Snap Inc down 20 percent.Īpple’s changes to its operating software give users the preference to allow tracking of their activity online, making it harder for advertisers who rely on data to develop new products and know their market. Analysts were expecting $30.15bn, according to IBES data from Refinitiv. The company forecast first-quarter revenue in the range of $27bn to $29bn. Meta, the parent company of social media platforms Facebook and Instagram, said it was expecting current-quarter revenue below analysts’ expectations, as Apple Inc’s privacy features keep businesses from opting to advertise on social media sites. ![]() Facebook owner Meta Platforms Inc shares plunged more than 18 percent after the bell on Wednesday as the social media company missed on Wall Street earnings estimates and posted a weaker forecast. ![]()
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