Facebook founder Mark Zuckerberg vows to make Meta leaner, more efficient and more decisive. Read more
“We’re working on flattening our org structure and removing some layers of middle management to make decisions faster, as well as deploying AI tools to help our engineers be more productive,” Zuckerberg said on an earnings call with investors on Wednesday. “There’s going to be some more that we can do to improve our productivity, speed and cost structure.”Article content
Fourth-quarter sales fell 4 per cent to US$32.2 billion, the third straight period of declines. Even so, the total beat analysts’ estimates, and Meta projected revenue of US$26 billion to US$28.5 billion for the first quarter, in line with an average projection of US$27.3 billion. Analysts are predicting that Meta will return to growth following the current period.Article content
Meta, whose shares have gained 27 per cent so far this year, is on the rebound after the worst year for its stock in history. The company faced a decline in advertiser demand due to weakness in the broader economy as well as a change in privacy rules on Apple Inc.’s iPhone, which made it harder for Meta to offer targeted ads. Meta cut 11,000 jobs, or 13 per cent of the workforce, in November in its first-ever major layoff.
Zuckerberg has spent tens of billions of dollars on an effort to build the metaverse — a digital world where people can work and play. Those efforts are still in their early stages, which means much of the investment is not leading to immediate returns.
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