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The layoffs are part of Meta's so-called "year of efficiency," which CEO Mark Zuckerberg pitched as necessary for the company to slim down and become more nimbl
by weare138 3y ago
The layoffs are part of Meta's so-called "year of efficiency," which CEO Mark Zuckerberg pitched as necessary for the company to slim down and become more nimble amid a challenging economy and weakened digital advertising market.
When is our industry going to finally come to the realization the people running these companies don't actually seem to know what they're doing? Meta isn't hemorrhaging money because of a 'challenging economy' and 'weakened digital advertising market', Zuckerberg personally drove Meta into the ground with his misguided Metaverse pipe dream nobody really wanted to begin with.
- nova22033 3y agoWhen is our industry going to finally come to the realization the people running these companies don't actually seem to know what they're doing? Ugh...I hate sounding like a Meta/Zuck apologist but Meta is worth hundreds of billions of $$ and makes billions of $$ in profit every year...surely they know something about what they're doing..
- robertlagrant 3y agoI just looked up the figures, and they're astonishing. Meta makes giant amounts of cash in ways I do not understand.
- import_awesome 3y agoMeta's customers are advertisers. Their tools for advertisers are the best in the business. Facebook and Instagram users are the product.
- mrguyorama 3y agoThat box of cereal you buy at the grocery store for $5 does not cost $5 to manufacture, not even close. A shitload of money goes into advertising, and Google and Facebook own that entire industry nowadays, or near enough. They are basically collecting a tax on all commerce.
- robertlagrant 3y agoNo, sure, I know, although I think the logistics and the store's staff and premises are the big contributors to the non-manufacturing costs. It just seems insane that Facebook is able to do that. But I guess that's my fault for never being on Facebook. I don't know what the ad situation is these days.
- weare138 3y agoI'm just going to collectively answer this current thread in this comment. You all may want to Google that. And maybe avoid investing altogether. Just some friendly advice because how does everyone not know this? It's been plastered across the news for months including here on HN. https://www.forbes.com/sites/dereksaul/2022/11/03/meta-is-the-sp-500s-worst-performer-of-2022-as-losses-near-75/amp/ https://www.forbes.com/sites/dereksaul/2022/11/03/meta-is-th...
- bazmattaz 3y agoI mean they definitely know what they’re doing when it comes to advertising but what’s with the Metaverse? I mean what problem are they trying to solve there?
- flerchin 3y agoInto the ground? $5.7B quarterly profit seems to be pretty awesome.