'I got this wrong,' admits CEO Mark Zuckerberg as his company grapples with faltering revenue and broader tech industry woes.
under its new owner, billionaire Elon Musk. There have been numerous job cuts at other tech companies that hired rapidly during the pandemic.
Meta, like other social media companies, enjoyed a financial boost during the pandemic lockdown era because more people stayed home and scrolled on their phones and computers. But as the lockdowns ended and people started going outside again, revenue growth began to falter.An economic slowdown and a grim outlook for online advertising — by far Meta's biggest revenue source — have contributed to Meta's woes.
Last week, Twitter laid off about half of its 7,500 employees, part of a chaotic overhaul as Musk took the helm. He tweeted that there was no choice but to cut the jobs"when the company is losing over $4M/day," though did not provide details about the losses. "The Meta reductions are among the largest to date of any company , and we think it portends additional headcount cuts to come across Corporate America," analyst Adam Crisafulli of Vital Knowledge said in a report to investors.Meta has worried investors by pouring over $10 billion a year into the"metaverse" as it shifts its focus away from social media.
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