Meta founder and CEO Mark Zuckerberg has said that the company plans to continue to reduce headcount growth over the next year.
Acknowledging that the social network has entered an economic downturn that will have a huge impact on the digital advertising business, Zuckerberg said that many teams are going to shrink so that we can move energy to other areas within the company.
“I want to give our leaders the ability within their teams to decide where to double down, where to backfill and thrash for longer-term initiatives,” he told analysts during the company’s quarterly earnings call on Wednesday. Where to reorganize teams while reducing
Facebook reported a 1 percent drop in revenue in the second quarter to $28.8 billion. Shares fell 3.8 per cent in extended trading late Wednesday. Overall, Meta’s profit fell 36 per cent to $6.7 billion in the quarter. Zuckerberg said he hired a lot of people earlier this year, which means its year-over-year headcount growth will still be substantial for the next few quarters, but should continue to decline over time. .
He emphasized, now this is an era that demands more intensity and I hope we will do more with less resources. In this environment, we are focused on making long-term investments that will make us stronger to come out of this downturn, including our discovery engine and reels, our new advertising infrastructure and our work on the Metaverse. Meta now has 83,553 employees, a 32 percent increase year-over-year.
Many big tech firms like Microsoft, Google, Snap, Twitter, Spotify and others have either reduced their workforce or stopped hiring for the rest of the year.
