247 Local Media247 Local Media

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    An Overview of Online Casinos vs Traditional Casinos

    December 8, 2022

    Types of Specialists for Erectile Dysfunction

    October 31, 2022

    When students’ basic needs are met by community schools, learning can flourish

    September 27, 2022
    Facebook Twitter Instagram
    • Home
    Facebook Twitter Instagram
    247 Local Media247 Local Media
    Subscribe
    • Home
    • Automotive
    • Business
    • CBD
    • Crypto
    • Education
    • Entertainment
    • Fashion
    • Finance
    • Health
    • Home Improvement
    • Law \ Legal
    • News
    • Shopping
    • Sports
    • Technology
    • Travel
    • Contact US
    247 Local Media247 Local Media
    Home»Business»‘many teams are going to shrink’
    Business

    ‘many teams are going to shrink’

    By July 28, 2022No Comments4 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    ‘many teams are going to shrink’
    Share
    Facebook Twitter LinkedIn Pinterest Email
    ‘many teams are going to shrink’


    Meta CEO Mark Zuckerberg said Wednesday that he expects to trim the workforce at the parent of Facebook and Instagram after announcing the first-ever decline in revenue.

    “This is a period that demands more intensity and I expect us to get more done with fewer resources,” Zuckerberg told analysts.

    The Facebook founder said that because the digital advertising business has taken a hit, “teams are going to shrink so we can shift energy to other areas inside the company.”

    Shares of Meta sank by nearly 8.5% in early trading on Wall Street on Thursday.

    Meta, which also owns WhatsApp, reported $28.82 billion in revenue for the second quarter, a 1% decline compared to the same period a year ago.

    It fell short of the $28.94 billion that Wall Street analysts expected the company to generate in revenue, according to CNBC.

    Net income also fell by 36% compared to the previous quarter. The company reported profits of $6.7 billion in the second quarter.

    Meta announced a decline in revenue for the first time in the company's history on Wednesday.
    Meta announced a decline in revenue for the first time in the company’s history on Wednesday.
    AP

    The company said the disappointing results were due to a “continuation of the weak advertising demand environment we experienced throughout the second quarter, which we believe is being driven by broader macroeconomic uncertainty.”

    “We seem to have entered an economic downturn that will have a broad impact on the digital advertising business,” Zuckerberg said.

    “We’re slowing the pace of [our] investments and pushing some expenses that would have come in the next year or two off to a somewhat longer timeline.”

    Facebook’s growth has been hindered by TikTok, the ByteDance-owned video-sharing app that has attracted hundreds of millions of users worldwide, particularly among younger people.

    Meta has seen stiff competition in the social media space, particularly from TikTok.
    Meta has seen stiff competition in the social media space, particularly from TikTok.
    Christopher Sadowski

    Meta has introduced changes to Instagram in hopes of mimicking TikTok’s success, including promoting more content from users who are outside one’s circle of friends.

    Instagram will automatically have almost all video posts less than 15 minutes long be shared in the Reels format. That means there will be no difference between Reels and video posts.

    Instagram will also allow people to use any public posts in their own Reels. Prior to the change, users were only able to remix Reels.

    While Facebook and Instagram have historically connected people to content produced by their friends, the video-based TikTok relies on algorithmic signals and viral content to show viewers highly engaging posts, without having to rely on someone’s network of friends or connections.

    Zuckerberg said that the company's digital advertising business, a main engine of revenue, has slowed in recent months.
    Zuckerberg said the company’s digital advertising business, a main engine of revenue, has slowed in recent months.
    VIA REUTERS

    The changes introduced by Meta were not well received by some celebrity users of Instagram, including Kim Kardashian and Kylie Jenner.

    Zuckerberg’s frustration over the fierce economic headwinds that are slowing his company’s growth was evident during a recent virtual Q&A with employees, one of whom asked the Meta boss about taking more vacation days.

    During a June 30 virtual session, Zuckerberg reportedly “appeared visibly frustrated” after one Chicago-based employee asked whether “Meta Days,” or extra time off introduced during the COVID-19 pandemic, would continue in 2023.

    “Um … all right,” Zuckerberg said after hearing the pre-recorded question, according to a recording obtained by The Verge. “Given my tone in the rest of the Q&A, you can probably imagine what my reaction to this is.”

    Meta got more bad news on Wednesday after the Federal Trade Commission blocked the company from acquiring virtual reality firm Within Unlimited and its fitness app, Supernatural.

    The FTC said that the deal would hurt competition and violate antitrust laws.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Beyond Meat, Impossible struggle due to ‘woke’ perception: analysts

    September 26, 2022

    Developer hustles to build ‘Bustle’ in Penn Station area

    September 26, 2022

    Amazon rolls out second Prime Day this year for first time ever

    September 26, 2022
    Add A Comment

    Comments are closed.

    Editors Picks
    Recent Posts
    • An Overview of Online Casinos vs Traditional Casinos
    • Types of Specialists for Erectile Dysfunction
    • When students’ basic needs are met by community schools, learning can flourish
    • Walmart and Target Are Hiring 140,000 Seasonal Workers
    • 7 Ways to Get Affordable Dental Care for Adults and Children
    Archives
    • December 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • September 2021
    Facebook Twitter Instagram Pinterest Vimeo YouTube
    • Home
    © 2022 - 247 Local Media- All Rights Reserved.

    Type above and press Enter to search. Press Esc to cancel.