Facebook reported revenue of $28.8 billion, down 1 percent in the second quarter. Shares fell 3.8 per cent in extended trading late Wednesday. Overall, Meta’s profit for the quarter fell 36 per cent to $6.7 billion.
Big tech companies have laid off employees and put on hold new hiring. Meta founder and CEO Mark Zuckerberg has said that the company plans to continue to reduce the number of employees next year. The slowdown will have a massive impact on the digital advertising business. Zuckerberg said that many teams are going to shrink, so that we can move energy to other areas within the company. I want to give our leaders the ability to make decisions within their teams. The company’s quarterly earnings came late Wednesday during the call.
He told analysts late Wednesday during the company’s quarterly earnings call that I want to give our leaders the ability within their teams to decide where to double down, where to fill and beat for long-term initiatives. Where to reorganize teams while reducing
Facebook reported revenue of $28.8 billion, down 1 percent in the second quarter. Shares fell 3.8 per cent in extended trading late Wednesday. Overall, Meta’s profit for the quarter fell 36 per cent to $6.7 billion. Zuckerberg said he hired a lot of people earlier this year, meaning its year-over-year headcount growth will still be substantial for the next few quarters, but should continue to decline over time. . A period that demands greater intensity. I hope we can do more with less resources.
In this environment, we remain focused on making long-term investments that will strengthen us as we emerge from this downturn, including our discovery engine and reels, our new advertising infrastructure and our work on the Metaverse. However, given the recent volatility in revenue, we are slowing down the pace of these investments and moving some of the expenses that will come in the next quarter. Meta CEO said that for a longer period of a year or two.” Meta now has 83,553, a 32 percent year-over-year increase of employees. Many such as Microsoft, Google, Snap, Twitter, Spotify and others Big tech firms have either reduced their workforce or hired short/frozen for the rest of the year.