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
US President Donald Trump arrives in Saudi Arabia, beginning Gulf trip that includes Qatar, UAE.
Support and Stability Apparatus (SSA) chief Abdel Ghani al-Kikli confirmed dead.
Gunfire heard in various areas of the Libyan capital of Tripoli.
Libyan sources: The Ministry of Interior urges all citizens in Tripoli to remain in their homes.
Libyan sources: Air traffic halted at Tripoli Airport following reports of the death of Support and Stability Apparatus (SSA) chief Abdel Ghani al-Kikli.
Libyan sources: Clashes and military movements reported inside the capital, Tripoli.
Sheikh Qassem: Lebanese officials must also prioritize rebuilding the state economically and socially, as well as returning the depositors’ funds.
Sheikh Qassem: The second priority is reconstruction, and I call on the Lebanese government to place this item first on the agenda of its next session.
Sheikh Qassem: Lebanese officials must prioritize ending Israeli aggression, its violations, its occupation, and securing the release of prisoners.
Sheikh Qassem: We are part of the new era and partners in its benefits, and we want those who previously took certain stances for specific reasons to reconsider them in order to build the country.

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. 

Related News

Meta sued in Ghana over extreme content's toll on moderators

Meta faces scrutiny after ending fact-checking on Facebook

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

Trump cut off contact with Netanyahu, senior Israeli official says

Trump cut off contact with Netanyahu: Israeli media

  • US & Canada
  • 9 May 2025
Pakistan downs an Indian jet and hits a military base in Kashmir escalation.

Pakistan downs 3 Indian jets, hits military base in Kashmir escalation

  • Politics
  • 7 May 2025
A Yemeni gunman walks past paintings depicting rockets and scenes in solidarity with Gaza, displayed on a roadside fence in Sanaa, Yemen, Monday, May 5, 2025 (AP)

Oman brokers US-Yemen ceasefire, Israelis in dark regarding deal

  • Politics
  • 6 May 2025
Saree

Yemeni Armed Forces target key Israeli sites, USS Truman

  • MENA
  • 7 May 2025

Coverage

All
Gaza prevails against genocide

Read Next

All
Hezbollah Secretary-General Sheikh Naim Qassem gives a speech to commemorate martyr Sayyed Mustafa Badreddine on May 12, 2025 (Al Mayadeen Screengrab)
Politics

Israeli pressure doomed to fail, Resistance to prevail: Sheikh Qassem

AP
Politics

'Israel is spiraling' amid Gaza war, internal fractures: The Nation

UNIFIL
Politics

'Israel' hindering Lebanese Army deployment in south: UNIFIL

The scene at BBC Broadcasting House in London, after red paint was sprayed over the entrance. (AP)
Politics

UK journalists given guidebook after failing on covering Gaza genocide

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