However, Zuckerberg indicated he planned to continue backing the company’s controversial multibillion-dollar bet on virtual reality, saying the metaverse project was a “high-priority growth area”.
The first round of redundancies in the company’s history comes after its workforce peaked this year at 87,314.
In the note on Wednesday, November 9, 2022 Zuckerberg said Meta had overinvested at the start of Covid, banking that the increase in online activity would continue and accelerate even after the coronavirus pandemic ended.
“Unfortunately, this did not play out the way I expected,” he said. “Not only has online commerce returned to prior trends but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected. I got this wrong, and I take responsibility for that.”
From the guardian
The first round of redundancies in the company’s history comes after its workforce peaked this year at 87,314.
In the note on Wednesday, November 9, 2022 Zuckerberg said Meta had overinvested at the start of Covid, banking that the increase in online activity would continue and accelerate even after the coronavirus pandemic ended.
“Unfortunately, this did not play out the way I expected,” he said. “Not only has online commerce returned to prior trends but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected. I got this wrong, and I take responsibility for that.”
From the guardian
Chai! 11,000 workers is a huge one oo. Hnnmmm.
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ReplyDeleteThis is huge but we can't question him.
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