After the epidemic was over, Meta hired over 42,340 additional people in anticipation of the continued growth of e-commerce. In contrast, despite TikTok’s competitiveness and the effect of Apple’s privacy-focused monitoring privileges, its stock price continues to decline, and its annual growth stays flat.
According To META CEO
The situation “did not turn out the way I anticipated,” Zuckerberg said. “Not only has internet purchases reverted to former patterns, but the financial slump, greater competition, and advertisements signal loss have forced our income to be substantially lower than projected. I acknowledge that I am in the wrong and apologize for the error. Zuckerberg, who skipped college to become the youngest self-made millionaire in history, says, “There is no decent way to handle a layoff.” While layoffs are being implemented company-wide at Meta, hiring is expected to take the biggest hit in 2023. Additionally, the company said it will maintain its recruitment embargo through the conclusion of the first quarter of 2023.
Having recently spent money on AR and VR development, Meta plans to implement more savings measures in the near future.
