SAN FRANCISCO (KGO) - Hundreds of Bay Area tech jobs are being cut this fall, continuing the trend of mass job losses this year, the latest WARN notices sent to the state Employment Development Department reveals. An earlier version misstated the day.Facebook parent Meta is laying off 11,000 people, about 13% of its workforce, CEO Mark Zuckerberg said in a letter to employees Wednesday. Zuckerberg said that while Meta is researching how best to incorporate the new technology, he wants "to be careful not to get too ahead of the development of it."Ĭorrection: Meta's earnings report and CEO Mark Zuckerberg's comments occurred after the market close on Wednesday. Running these programs is expensive, and Meta needs to ensure it can develop them affordably, he said. ![]() His answer indicated that Meta is pursuing opportunities there, but will be cautious in how quickly it proceeds. Li said the company has been improving its online advertising system, but Apple's update is "still certainly an absolute headwind to our revenue number."ĭuring the question and answer part of the call, Zuckerberg was asked about Meta's progress in generative artificial intelligence, which has become the latest hot thing in Silicon Valley. Meta has also yet to recover from Apple's 2021 iOS privacy update that made it harder to target users with ads. Zuckerberg still sees it as the company's future.ĭigital advertising, meanwhile, is suffering from a struggling economy, and Li gave no indication that companies are planning to dramatically increase their spending in 2023. Finance chief Susan Li told analysts that the company isn't planning for any reduction in that unit anytime soon. Meta's Reality Labs unit, which is responsible for developing the nascent metaverse, lost $13.7 billion in 2022. Still, Meta has plenty of challenges ahead, in terms of both costs and reviving its core ad business. One of Zuckerberg's top deputies, technology chief Andrew "Boz" Bosworth, wrote a personal essay just a few days ago echoing that sentiment. Zuckerberg is selling investors on a story they want to hear, acknowledging that the company got bloated and needed more financial discipline. ![]() In looking to the future, Zuckerberg struck a realistic tone. "And then obviously that changed very dramatically in 2022, where our revenue was negative for growth, for the first time in the company's history." "The first 18 years I think we grew it 20%, 30% compound or a lot more every year," Zuckerberg said on the earnings call. Rather, Zuckerberg's commitment to cost cuts and efficiency is a sign that increasing profitability is important to Meta, which was known as a growth machine prior to last year's slump. And the forecast range for the first quarter suggests that year-over-year revenue could increase, but it could also fall again. Meta reported better-than-expected revenue in the fourth quarter, but sales still sank 4% from a year earlier, marking the third straight quarterly decline. ![]() Growth is not what's getting investors excited. Based on after-hours pricing, Meta is trading at its highest since July. Personal Loans for 670 Credit Score or Lowerįollowing a 64% plunge in Meta's share price in 2022, Wall Street cheered the report, sending the stock up almost 20%, extending a rally that began late last year. ![]() Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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