Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Palestinian media: Reports of stabbing operation in occupied al-Quds.
Israeli media: Sirens blare in Arava in South, near Ramon Airport.
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country
AEOI Chief Mohammad Eslami: We witnessed new, stricter stances from European countries since signing new agreement with IAEA
Saree: Our UAV force targeted the so-called Ramon Airport in the Umm al-Rashrash area in southern occupied Palestine
YAF spokesperson Brigadier General Yahya Saree: Our rocket force carried out an operation with a Palestine 2 hypersonic ballistic missile targeting a sensitive target in the occupied Yafa area
Trump administration clears first Ukraine arms aid package paid for by allies: Reuters, citing sources
Saudi Crown Prince Mohammad bin Salman receives Secretary of Iran's Supreme National Security Council Ali Larijani at his office in Al-Yamamah Palace
Wakim: Surrender is not in our dictionary, and it is not true that "Israel" can implement its project in Lebanon and the region

Meta in hot water amid dropping stocks, as users flee, sales plunge

  • By Al Mayadeen English
  • Source: Agencies
  • 1 Oct 2022 11:52
3 Min Read

In a series of budget and position cuts, Zuckerberg announces that he's "not adding people to teams where we don't expect to have roles next year."

  • x
  • Meta's Facebook stocks have been rapidly declining (Reuters)
    Meta's Facebook stocks have been rapidly declining (Reuters)

Meta Platforms Inc. CEO Mark Zuckerberg announced the first major budget cut since the founding of the social media platform Facebook in 2004, in a campaign of reshuffling teams and reducing staff for the first time ever, which leads to an end to the rapid growth of the company. 

During a weekly Q&A session with employees, Zuckerberg stated that Meta will eventually be smaller in 2023 as opposed to this year, as he intends to halt recruitment, cut down on expenses and realign priorities, according to a person who attended the session. 

Meta's reduction of budgets, per a revision by Bloomberg, indicates that vacant positions left by departing employees would not be filled and those who are not "succeeding" may be let go, with the CEO adding, “I had hoped the economy would have more clearly stabilized by now... But from what we're seeing it doesn't yet seem like it has, so we want to plan somewhat conservatively.”

The package of reorganizing also included the postponing of providing full-time jobs to summer interns because “we want to make sure we're not adding people to teams where we don't expect to have roles next year,” Zuckerberg explained. 

Related News

Nepal blocks Facebook, X, YouTube after firms defy local registration

Meta claims AI needs Aussies social media data to learn local concepts

The recent moves prove Meta’s strongest admission that advertising revenue growth is slowing amid the race for users' attention, at a time when the company’s advertising that targets consumer attention has lost part of its touch due to new privacy restrictions from Apple Inc. concerning tracking iPhone users.

As TikTok lures users away from Meta's Instagram, Zuckerberg is making an expensive bet on the company's immersive virtual reality future which would eventually become people's main communicating field, the metaverse, a project he admitted will cost a loss for many years.

Meta's current internal priorities include Reels, competing against TikTok, and the metaverse. Meta had more than 83,500 employees as of June 30 and added 5,700 new hires in the second quarter. During its first quarter, Meta said annual expenses would be roughly $3 billion lower as opposed to initial expectations, trimming an estimated range that had been as high as $95 billion. “For the first 18 years of the company, we basically grew quickly basically every year, and then more recently our revenue has been flat to slightly down for the first time,” Zuckerberg told his staff. 

Meta stock went down 3.7% from Wednesday’s close, as its shares overall have fallen 60% this year. A Meta spokesperson has declined to comment.

Other companies dependent on advertising also faced the brunt of the economic crisis, such as Twitter Inc. which stopped hiring in May and asked employees to watch their expenses and reduce travel while Alphabet Inc.’s Google said it would slow hiring during the back half of the year. Snap Inc. diminished 20% of its workforce in August. 

  • Facebook
  • Mark Zuckerberg
  • Stock market
  • Meta

Most Read

Pro-"Israel" conservative Charlie Kirk shot during Utah speech

American far-right activist Charlie Kirk shot dead during Utah speech

  • US & Canada
  • 11 Sep 2025
Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025
A screengrab from the ad played on Fox News. (X Screengrab)

Fox airs ad warning Trump not to let Netanyahu 'play' him on Gaza

  • US & Canada
  • 11 Sep 2025
Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

  • Palestine
  • 14 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Britain Trained Israeli Soldiers Involved in Gaza War: Declassified
Europe

UK training of Israeli officers sparks outcry over Gaza war complicity

Luxembourg's Prime Minister Luc Frieden arrives for an EU summit at the European Council building in Brussels, Thursday, June 26, 2025. (AP Photo/Omar Havana)
Politics

Luxembourg to recognize Palestine at UN summit next week

European Union flags flap in the wind outside EU headquarters in Brussels, Wednesday, Sept. 3, 2025 (AP)
Politics

EU exec. branch to adopt new sanctions against 'Israel' on Wednesday

Charlie Kirk killing suspect faces charges in Utah court hearing
US & Canada

Charlie Kirk murder suspect faces formal charges in Utah court hearing

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS