In an earnings call in February, Zuckerberg said he expected the losses to “increase meaningfully” over 2022. Those losses are growing: in 2019 Reality Labs lost $4.5bn with $500m in revenue, and in 2020 $6.6bn with $1.1bn in revenue. In 2021 alone, Meta spent more than $12bn (£10bn) on R&D at its Reality Labs metaverse wing, and brought in barely a sixth of that in the few metaverse products it actually makes revenue from, including its Meta Quest headsets (the hi-tech goggles previously called Oculus) and the Horizon Worlds chatroom. One issue repeatedly cited by Wall Street as a cause for concern was absent from the Facebook founder’s explanation for the job losses: the company’s immense investment in the “metaverse”, a loosely defined vision of a future in which people congregate in virtual worlds, accessed through virtual reality and augmented reality devices, to socialise, work and play. In 2021, Apple limited the amount of data, or “signals”, Facebook could gather about the behaviour of iPhone users, which made it harder for small businesses to use Facebook adverts to profitably acquire new customers. But it’s clear he was referring to competition from TikTok, a trendy app stealing users and dominating the zeitgeist, and a change of policy at Apple. Zuckerberg did not name the rivals eating Facebook’s lunch. ĭaylight saving time: Lawmakers tried to lock the clocks this year - what. Here’s the average net worth of Americans by ageįarm bill faces battle as GOP pushes to strip climate, SNAP funding for. GOP senators warn new Speaker on abortion Netanyahu suspends minister who suggested dropping nuclear bomb on Gaza Senate Republicans unveil border security demands for Ukraine fundingĪxelrod says this is ‘last moment’ for Biden to check if he should drop out Mike Johnson has accused Biden of bribery. Johnson embraces deficit fight, setting up battle over Medicare, Social Security Trump testimony in New York fraud case wraps after chaotic day court: Live. ‘Strong’ El Niño winter coming: Here’s where we could see more snow This material may not be published, broadcast, rewritten, or redistributed. The additional round of layoffs comes after the Meta CEO previously told employees in November that the massive cuts were done in an effort to “minimize the chance of having to do broad layoffs like this for the foreseeable future,” the Post reported. “Higher interest rates lead to the economy running leaner, more geopolitical instability leads to more volatility, and increased regulation leads to slower growth and increased costs of innovation.” “At this point, I think we should prepare ourselves for the possibility that this new economic reality will continue for many years,” Zuckerberg said. Zuckerberg announced on Tuesday that Meta would be cutting 10,000 jobs and closing 5,000 open positions, citing a “difficult economic environment” amid high interest rates and geopolitical instability. “I would guess that the way people would evaluate whether you trust me and want to work at this company in whether we are succeeding in making progress toward the overall stated goals,” Zuckerberg said, according to the Post, while also acknowledging that “it’s a fair question.” Staff reportedly asked Zuckerberg how they can be expected to trust the company’s leadership after the surprise second round of layoffs, according to The Washington Post. Meta CEO Mark Zuckerberg was grilled by staff at an all-hands meeting on Thursday, following the Facebook parent company’s announcement that it would lay off another 10,000 workers.
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