Laura Martin, Senior Analyst at Needham, discusses Meta’s worst-ranked one-day crash in stock market history and looks at the company’s future.
Facebook parent company Meta Platforms plans to lay off thousands of employees this week, marking the first widespread layoffs in the social media platform’s history, The Wall Street Journal reported Sunday. reported to
The cuts add to widespread cuts across the tech industry, with Twitter, Snap, Microsoft, and others cutting their workforces in recent months.
A spokesperson for Meta declined to comment on Sunday, but directed FOX Business to comments CEO and co-founder Mark Zuckerberg made on last month’s third-quarter earnings call.
Zuckerberg told investors on Oct. 26 that he plans to focus investments in a few high-priority growth areas in 2023. It will shrink next year. ”
Mark Zuckerberg speaks via video at the 2022 SXSW Conference and Festivals at the Austin Convention Center on March 15, 2022 in Austin, Texas. (Samantha Burkhart/Getty Images for SXSW/Getty Images)
Zuckerberg added that he expects Meta to be “about the same size as it is today or slightly smaller by the end of 2023.”
Meta stocks are down about 73% so far this year.
| ticker | safety | last | Change | change % |
|---|---|---|---|---|
| meta | Meta Platforms Inc. | 90.79 | +1.88 | +2.11% |
META Warns 1 Million Facebook Users About Android and iOS Apps Used to Steal Logins
Meta investor Altimeter Capital sent an open letter to Zuckerberg and the technology giant’s board last month, asking them to cut the company’s workforce by 20%.
Altimeter CEO Brad Gerstner wrote in the letter: “Like many other companies in a world of zero interest rates, Meta is drifting into a world of excess. Too many people, too many ideas. Too much, too little urgency.” “This lack of focus and fitness is less noticeable when growth is easy, but becomes deadly when growth slows and technology changes.”
Facebook’s Meta logo sign can be seen at its Menlo Park, Calif. headquarters on October 28, 2021. (AP Photo/Tony Averer, File/AP Image)
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Zuckerberg rebranded Facebook to Meta last year. This is because the company has shifted its focus to the Metaverse.
Meta employed 87,300 people at the end of September, a 28% year-on-year increase.
