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Yemeni Armed Forces Spokesperson Yahya Saree: The remaining airlines that have not yet complied with the ban are urged to take this into serious consideration to ensure the safety of their aircraft and passengers
Yemeni Armed Forces Spokesperson Yahya Saree: The YAF, after successfully imposing a partial ban on air traffic at Lydd Airport, are now working to impose a full ban on air traffic at the aforementioned airport in the coming period
Yemeni Armed Forces Spokesperson Yahya Saree: YAF's UAV Unit carried out three military operations targeting three vital Israeli sites in the occupied Palestinian areas of Yafa, Isdud, and Umm al-Rashrash, using three drones
Yemeni Armed Forces Spokesperson Yahya Saree: The operation successfully achieved its objective, causing millions of Zionist settlers to flee to shelters and bringing airport operations to a halt
Yemeni Armed Forces Spokesperson Yahya Saree: YAF targeted Lydd Airport in the occupied Yafa area (Tel Aviv) with a hypersonic ballistic missile
Israeli media: Ben Gurion Airport airspace sut down following missile launch from Yemen
Israeli media: Air raid sirens sound in the central region and Hashfala following the detection of a missile launch from Yemen
SDF announces the killing of three of its members as a result of ISIS cells detonating a landmine targeting a vehicle of a security patrol on the Hasaka-Raqqa road
The Popular Resistance Committees: We call on all international institutions to take urgent action and uphold their responsibilities by restoring and immediately enforcing effective mechanisms for the distribution of humanitarian aid.
The Popular Resistance Committees: The latest Zio-American crime against Gaza’s starving civilians constitutes a war crime, for which the US administration bears full and direct responsibility.

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

  • By Al Mayadeen English
  • Source: Agencies
  • 1 Oct 2022 12:52
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. 

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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. 

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  • Stock market
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