![]() However, for now, the company's revenue growth is being driven by layoffs and the success of Reels. It is important to focus on growing Facebook’s short-video product, he said. Only time will tell whether Meta's investments in AR will pay off. 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. However, Meta is hoping that its upcoming Quest 3 headset, which will retail for $499, will be more successful. The general public still seems uninterested in Meta's vision for a metaverse, and Apple's recent entry into the AR market with its $3,499 Vision Pro headset has not helped matters. As of June 2023, Metas board Early Facebook investor and Zuckerbergs former mentor, Facebook co-founder Chris Hughes has stated that chief executive officer. Reality Labs lost $3.7 billion in the second quarter of 2023, and Meta CFO Susan Li expects the losses to get even larger in the future. This has helped to offset the decline in user growth on Facebook's core platform.ĭespite the revenue growth, Meta's Reality Labs division, which is responsible for virtual reality (VR) and augmented reality (AR) products, continues to struggle. Reels, a short-form video format that is similar to TikTok, has hit 200 billion daily plays across Instagram and Facebook. This "Year of Efficiency" has also led to a focus on more profitable products, such as Reels. Meta laid off more than 20,000 employees in the first half of 2022, which has helped to reduce personnel costs. Although Meta stock experienced a decline in 2022, it has since rebounded and is now trading at approximately $298 per share as of today's market close. ![]() Is it because of the Meta AR division? Not at all! This growth is due in part to layoffs and the success of Reels. The company reported 11% year-over-year revenue growth, which is a sigh of relief for investors. result is expected to be that Meta’s headcount at the end of 2023 should be roughly level with the 87,314 members of staff on its books at the end of. 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 authorised to speak about it. Meta said it is sharpening its focus on costs by keeping the headcount in some teams flat and downsizing. Meta Platforms had one of its best quarters since before it changed its name from Facebook. Meta stock plunges as earnings hit by falling sales and rising costs. Meta hopes its upcoming Quest 3 headset, retailing for $499, will be more successful than its previous VR headsets.Meta's Reality Labs division, responsible for VR and AR products, struggles.Layoffs and the success of Reels drove Meta's revenue growth in the second quarter of 2023.15, and manager conversations about bonuses and promotions happen in March - both of which could be factors in workers' potential decisions to leave, according to another person familiar with the company's plans. ![]() He added that based on his life experience, transitioning to a four-day work week would not be productive. He also encouraged exhausted employees to use their vacation days. The social media giant is thinking of offering long weekends, Zuckerberg said, responding to a question on burnout. Meta is already talking about ways to retain staff amid the stock rout. ![]() He said he might tear up because he'd scratched his eye - not because of the topics up for discussion. Zuckerberg appeared red-eyed and wore glasses, the person said. 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 short-video platform Facebook doesn't own. Bloomberg reports: At a company-wide virtual meeting Thursday, 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. Meta Chief Executive Officer Mark Zuckerberg rallied his employees to focus on video products, after they watched the stock lose a quarter of its value.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |