![]() He added that based on his life experience, transitioning to a four-day work week all the time would not be productive. He also encouraged exhausted employees to use their vacation days. The social media giant is thinking of extending existing three-day holiday weekends, Zuckerberg said, responding to a question on burnout. Meta is already talking about ways to retain staff amid the stock rout. Zuckerberg's own wealth dropped by $31 billion. Others fretted about what a continued decline might mean for their net worth, according to people familiar with the matter. Some were discussing buying shares during the dip, believing in Zuckerberg's long-term vision for the metaverse, an immersive version of the internet. Facebook lost a record $251 billion of value in a single day. Meta's Instagram app has a copycat of TikTok called Reels, which the company is now prioritizing.Įmployees were glued to the stock price. Zuckerberg echoed his remarks of a day earlier to investors, telling employees that the social networking giant faced an 'unprecedented level of competition,' with the rise of TikTok, the rival viral-video platform. It is important to focus on growing Facebook's short-video product, he said. At a company-wide virtual meeting, Zuckerberg explained that the historic stock drop was a result of Meta's weak forecast for revenue in the current quarter, according to a person who attended and was not authorized to speak about it. His red, teary eyes were the result of a scratched cornea, the Facebook founder said Thursday, attempting to lighten the mood as Meta Platforms' stock price lost more than a quarter of its value. META is currently trading at 184.00, a number approaching the stock’s all-time-low of 174.95 reached late April. At market close on Thursday, the stock formerly known as FB fell 6.43 for the day. It expanded its workforce by 23 per cent, ending the year with 71,970 employees, mostly in technical roles.An anonymous reader shares a report: Mark Zuckerberg quipped that if he started to cry, it wasn't because of the day's news. The rebrand did not bring about any immediate change in fortune for the social media giant’s beleaguered stock. Since then, the company has been shifting resources and hiring engineers - including from competitors like Apple and Google - who can help realize his vision. took on its new name last fall to emphasize CEO Mark Zuckerberg’s focus on the metaverse. Meta also forecast revenue well below analysts’ expectations for the current quarter, due in part to growing competition from TikTok, the company said. Analysts at MoffettNathanson, in a note to clients, called the estimate “stunning.” On a conference call with analysts Wednesday, Meta's chief financial officer said the company faces a $10 billion “headwind” from Apple's changes in 2022. At a company-wide virtual meeting, Zuckerberg explained that the historic stock drop was a result of Meta’s weak forecast for revenue in the current quarter, according to a person who. ![]() In addition, recent privacy changes by Apple make it harder for companies like Meta to track people for advertising purposes, which also puts pressure on the company’s revenue. Meta invested more than $10 billion in the segment in 2021. The decline could partly be tied to Meta's spending on its Reality Labs segment - which includes its virtual reality headsets and augmented reality technology. Revenue rose to 20 per cent to $33.67 billion. The Menlo Park, California, based company said Wednesday that profit declined eight per cent to $10.29 billion in the final three months of 2021. Facebook's market cap dropped $120 billion on July 26, 2018. For Meta, the disappointing earnings add to its challenges. Compared with Zuckerberg, however, Sandbergs wealth is less concentrated in the companys shares, softening the blow. A drop that big would be the largest ever for a company on a single day. The 2.5 billion personal fortune of Sheryl Sandberg, Metas chief operating officer, fell by more than 100 million, according to data compiled by Bloomberg. Meta’s shares fell more than 23 per cent to $246.76 in early trading Thursday, lopping off more than $215 billion of the company’s overall value, known as its market capitalization. Shares in Facebook parent company Meta are in the midst of their worst day ever Thursday after the social media giant reported a rare decline in profit due to a sharp increase in expenses as it invests heavily in its transformation into a virtual reality-based company. ![]()
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