the next few months Meta will cut costs by 10% or more. Some
positions will be shed in the process of business restructuring, which is also
one of the measures to cut costs.
The second-quarter earnings report released in July
showed that Meta's costs increased by 22% year-on-year to a total of $20.4
billion. To spur growth, Meta has invested heavily in the Metaverse, but so far
nothing has returned. Not only that, revenue in the second quarter also
declined year-on-year, and Meta also expects a decline in the third quarter.
Meta chief product officer Chris Cox has told employees
that the company is in a difficult time and the headwinds are strong. Cox also
said the team shouldn't expect a lot of new hires and bigger budgets at this
point in the company's pursuit of better execution in a slowing growth
environment.
Apple's enhanced iOS privacy features hit Meta's
advertising business, and TikTok's strong attack made Meta worse. Besides Meta,
Snap, Twitter, Pinterest also face the same challenges.
Meta shares have fallen 56% so far this year, while the
S&P 500 is down less than 20% and the Nasdaq is down about 26%. (Xinghai)
SOURCE : China news
TRENDCABLE is a 21st century media that leverages data to uncover hidden insights that cut across politics, technology, social media, and the internet.
We share news from diverse languages to make news and information easily accessible for English readers.
News and information most times are written in none English text, but Trendcable has become the platform where these stories are curated and shared for your reading pleasure.
Trendcable is owned and managed by trendcable Teams, a digital media platform with a focus on dishing out news trends and trending contents that are tailored to public awareness and internet pleasures.
.jpeg)
0 Comments