![]() Meta's Instagram app has a copycat of TikTok called Reels, which the company is now prioritizing. 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. At 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 authorized to speak about it. His red, teary eyes were the result of a scratched cornea, the Facebook founder said Thursday, attempting to lighten the mood as Meta Platforms' stock price lost more than a quarter of its value. It has since recovered somewhat, but is still half its peak value.An anonymous reader shares a report: Mark Zuckerberg quipped that if he started to cry, it wasn't because of the day's news. But last year was a humbling wake-up call," Zuckerberg wrote, citing the global economy, increasing competitive pressures and the company's slowed growth.īetween September 2021 and November 2022, the company's market value fell by more than 75 percent. "For most of our history, we saw rapid revenue growth year after year and had the resources to invest in many new products. Still, Zuckerberg is preparing employees for tough economic times that could last "for many years." Meta's CEO did, however, hint at a light at the end of the tunnel: After the restructuring, Meta plans to lift the hiring and transfer freezes in each group. Zuckerberg did not say to what extent the Reality Labs division, which is responsible for building the metaverse products, would be affected by the cuts. "Our single largest investment is in advancing AI and building it into every one of our products." He continued, "Our leading work building the metaverse and shaping the next generation of computing platforms also remains central to defining the future of social connection." 2022 was a “humbling wake-up call” for Meta Although the Metaverse continues to play a key role in Zuckerberg's plans.Ĭheck your inbox or spam folder to confirm your subscription. In his message, Zuckerberg refers to Meta several times as a "technology company," a departure from the Metaverse-only focus of the past year and a half. Zuckerberg continues to plan for the long term "My hope is to make these org changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead," Zuckerberg wrote on Facebook. Meta plans to flatten its organizations, cancel lower-priority projects, and reduce hiring rates. Most are expected to be completed by the end of May. On a call with investors in February, Zuckerberg called 2023 the "year of efficiency" and set the stage for more layoffs. In November, Meta laid off 11,000 employees, or 13 percent of its workforce. "This will be tough and there's no way around that," Metas CEO wrote in a message to employees. About 10,000 employees will lose their jobs and 5,000 open positions will be closed. ![]() Mark Zuckerberg has just announced a second wave of layoffs. Meta is laying off another 10,000 workers to achieve the company's "long-term vision." Which is: full AI integration and the Metaverse.
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