Home » After the financial report exploded, Zuckerberg mentioned again: People can do more with less – Social – SNS Social Network

After the financial report exploded, Zuckerberg mentioned again: People can do more with less – Social – SNS Social Network

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After the financial report exploded, Zuckerberg mentioned again: People can do more with less – Social – SNS Social Network

Zuckerberg said the economy appears to have started to decline, which will further hurt the digital advertising business, so Meta has to do more with less. The advertising business is weak and the Metaverse business continues to lose money. Facebook’s parent company Meta’s second-quarter financial report shows that the company’s revenue fell for the first time in its history, and its profit fell sharply beyond expectations.

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In the face of poor performance, CEO Zuckerberg said on the company’s second-quarter earnings call on Wednesday that the economy appears to have started to decline, which will further hurt the digital advertising business, so Facebook’s parent company must do more with less money. thing.

Although the Fed chair said he doesn’t think the U.S. is in a recession right now, that hasn’t stopped Meta, Google parent Alphabet and other tech companies from cutting hiring plans.

Zuckerberg said:

“It’s hard to predict how deep or how long the recession will be, but I would say that it appears to be worse than last quarter. resources to do more work.”

In early May, Meta announced a sharp slowdown in hiring, but did not announce any layoffs.

In June, Meta confirmed that hiring had been largely suspended, and lowered its target of hiring engineers in 2022 to around 6,000-7,000 from an initial target of around 10,000.

By early July, Zuckerberg had issued a scathing warning to the company’s employees at an internal Q&A: Prepare for one of the worst recessions in history, and leave if you don’t want to.

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On Wednesday’s conference call, Zuckerberg further elaborated on the layoff plan, saying:

“Our plan is to steadily reduce headcount growth over the next year, many teams will be downsized so we can shift our focus to other areas within the company, and I want to allow our leaders to decide within the team where to double down Work hard, where to replenish lost staff and where to restructure teams.”

Facebook’s outgoing chief operating officer Sheryl Sandberg said on a conference call Wednesday that the Russian-Ukrainian conflict and the post-pandemic normalization of e-commerce continued to dampen the company’s growth, adding to the complexity of uncertainty over inflation and recession.

Outgoing Meta CFO David Wehner said a difficult economic environment was factored into Meta’s third-quarter guidance.

Meta shares fell 4% in the hours after the conference call.

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