![]() ![]() “Our management theme for 2023 is the ‘Year of Efficiency’ and we’re focused on becoming a stronger and more nimble organization,” Zuckerberg said. ![]() Meta has also downsized its staff by a hefty 13%, though this most recent quarter doesn’t factor in those 11,000 jobs that the company cut in November. “But my main focus is on increasing the efficiency of how we execute our top priorities.” “We’re going to be more proactive about cutting projects that aren’t performing or may no longer be as crucial,” Zuckerberg said in the earnings call. Meta took a notable beating in 2022’s market turndown, losing as much as 60% of its value over the course of the year. (Bloomberg) - Mark Zuckerberg quipped that if he started to cry, it wasn’t because of the day’s news.Most Read from BloombergAmazon Is Raising Base Salary Cap to 350,000 From 160,000We’re. Those gains combined with Meta’s aggressive cuts and its promise of an efficient 2023 drove stock prices up around 15% in trading after-hours. Meta shares were marked 24.3 lower in late afternoon trading Thursday to change hands at 98.27 each. Facebook’s user numbers also managed to inch up in the last quarter with the platform hitting 1.98 billion daily active users and 2.96 billion monthly active users as of September 2022. Bloomberg reports: At a company-wide virtual meeting Thursday, 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. ![]() The company beat revenue expectations in the final quarter of 2022, bringing in $32.2 billion. Meta Chief Executive Officer Mark Zuckerberg rallied his employees to focus on video products, after they watched the stock lose a quarter of its value. In its Q4 earnings call on Wednesday, Meta CEO Mark Zuckerberg described the company’s near future priorities and plans, painting a picture of a tech giant that’s driving toward leaning down and speeding up. Meta Chief Executive Officer Mark Zuckerberg rallied his employees to focus on video products, after they watched the stock lose a quarter of its value. Meta is all-in on becoming a lean, mean, cash-printing machine. ![]()
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