Zuckerberg said on Wednesday that Meta had shifted resources to a "smaller number of high priority growth areas," including its "long-term vision for the metaverse.". Some of that will be down to increased In an update to Metas Year of Efficiency strategy on March 14, CEO Mark Zuckerberg emphasized the companys focus on improving its financial performance amid challenging macroeconomic conditions. They're also a Tetris fanatic who's fiercely competitive in games like Tetris 99 and all games in general. Mark Zuckerberg has admitted hiring too fast in the high growth pandemic The company said this was mainly driven by hiring within the Family of Apps and Reality Labs segments, as well as by development costs for Reality Labs technology. Changes in these assumptions may have a material impact on the backtested returns presented. Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. Backtested performance is developed with the benefit of hindsight and has inherent limitations. Enter your email to receive our newsletter. Bloomberg reported March 6 that Meta was planning another round of layoffs that will affect thousands of employees. We're also restructuring our business teams more substantially," Zuckerberg says (opens in new tab). Copyright 2023 MarketWatch, Inc. All rights reserved. Investin skupina specializujc se primrn na developersk projekty. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines. The Meta Quest 2 is one of the most popular VR headsets, but there's a long way to go before mainstream adoption. But what if the metaverse strategy is completely misguided? CEO Mark Zuckerberg He found his way to the Shacknews roster in late 2019 and has worked his way to Senior News Editor since. Investors had a positive response on Wednesday as Meta's stock rose 6% again off the news of more layoffs. Deep You can follow Morgan on Twitter @Author_MShaver. Sign up for notifications from Insider! PYMNTS noted that this new focus could help lessen concerns that the company is overspending on its virtual reality ambitions.. Will a New Fed-Induced Bull Market Emerge? The layoffs mark the first such action by Meta, which rebranded last year from Facebook. The company spent $9.17 billion on research and development in the third quarter, up from $6.316 billion in the same period last year. NY 10036. Visit a quote page and your recently viewed tickers will be displayed here. Meta certainly appears to be prioritizing Reality Labs. The companys metaverse division, Reality Labs, notched a loss of $13.7 billion for 2022, On March 14, the company announced a huge number of layoffs at Meta, the Facebook owner. Instead, investor focus should ideally be on the companys long-term growth prospects. Meta plans another round of layoffs that could affect thousands of workers, according to a Bloomberg News report published Monday evening. Today Im sharing some of the most difficult changes weve made in Metas history, the statement reads. Meta. Meta laid off 10,000 staff on Wednesday, adding to its November job cuts. Between news coverage, he also aides notably in livestream projects like the indie game-focused Indie-licious, the Shacknews Stimulus Games, and the Shacknews Dump. Continuing its big bet on the metaverse, the company has a notable challenge for 2023 following its AR/VR division Reality Labs losing a massive $13.7 billion in 2022. Morgan is a writer from the frozen wastelands of Maine who enjoys metal music, kpop, horror, and indie games. According to the analyst, Metas layoffs are not just about prioritizing the most critical business segments but also about the benefits the company now enjoys by automating certain business processes thanks to its substantial investments in artificial intelligence (AI) technology. Layoffs, if they happen, could come at a critical time for the tech giants bold metaverse plan, which Zuckerberg has touted as the next era of social technology. Following Metas acts of restructuring, it notes that it plans to eventually lift hiring and transfer freezes and is currently targeting this summer to complete its analysis from its hybrid work year of learning so that it can further refine our distributed work model.. He also said unimportant projects may also be discontinued. Future US, Inc. Full 7th Floor, 130 West 42nd Street, So that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year, he added. In recent comments by company executives, Meta has been trying to soften up its shareholders expectations for Reality Labs in the coming months and years, including noting that its next-gen Quest VR headset (opens in new tab) will arrive next year. The first round of cuts is expected to come this week and will impact Metas non-engineering workers particularly hard, sources told the WSJ, which notes that the company could also shutter some teams and projects in connection with the layoffs. META stock is up 2.5% as of Monday morning. Paris, France, 20 Septembre 2016, En dveloppant lexploitation des ocans en harmonie avec les espces marines, Comprendre les impacts acoustiques sur le milieu marin, QUIET-OCEANS SAS | 525 avenue Alexis de Rochon 29280 PLOUZANE FRANCE | Tel: +33 982 282 123 | Fax: +33 972 197 671 | Nous contacter | 2012 Mentions lgales, Smart-PAM: Surveillance des ocans en temps rel par lacoustique passive. That includes why shares of Axsome Therapeutics (NASDAQ:AXSM), Ballys (NYSE:BALY) and Ford Motor (NYSE:F) stock are moving today. The investor sentiment toward Meta has dramatically improved this year along with Meta CEOs promise to focus on efficiency gains. Reklamn soubory cookie se pouvaj k poskytovn relevantnch reklam a marketingovch kampan nvtvnkm. The cost-cutting comes in addition to previously announced plans to lay off 13% of Meta workers. Nezbytn soubory cookie jsou naprosto nezbytn pro sprvn fungovn webu. General assumptions include: XYZ firm would have been able to purchase the securities recommended by the model and the markets were sufficiently liquid to permit all trading. Mark Zuckerberg, chief executive officer of Meta Platforms Inc., left, arrives at federal court in San Jose, California, US, on Tuesday, Dec. 20, 2022., David Paul Morris | Bloomberg | Getty Images, Meta plans more cuts as it moves to 'the year of efficiency', Box CEO: We're hearing that digital transformation remains a core focus for our customers, Box CEO on earnings, tech spending headwinds, AI opportunity and challenges. Total costs and expenses were also up. Meta has pumped billions of dollars into its Reality Labs division, leading to massive losses. Mete vak navtvit Nastaven soubor cookie a poskytnout kontrolovan souhlas. Staffers, meanwhile, complained about the lack of work getting done, with management unable to plan and a deficit of clarity around budgets or headcounts. The cost-cutting efforts come at a challenging time for the consumer technology company, which said its cost and expenses jumped 22% year over year to $25.8 billion during the fourth quarter while overall sales dropped 4% to $32 billion. Ty financujeme jak vlastnmi prostedky, tak penzi od investor, jim prostednictvm dluhopis pinme zajmav zhodnocen jejich aktiv. And as PYMNTS reported at the beginning of February, efficiency has been Metas watchword recently, with the term appearing dozens of times on the companys last earnings call. Ive decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go. A jde o investice a developersk projekty, poctiv devostavby nebo teba uzeniny a lahdky. Copyright 2023 InvestorPlace Media, LLC. Overall, its unfortunate to hear that 10,000 additional employees are to experience layoffs at Meta this year, with fewer new people being hired in addition to that. At a forward price-to-earnings ratio of around 21 (about 6% lower than its five-year average), Meta is valued as a mature company with limited growth expectations, whereas, in reality, the tech giant is still in the early stages of its growth story. Now read: Facebook earnings cut in half, Meta stock sinks toward lowest prices in more than 6 years. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. Payments, Grocery "While we're making reductions in every organization across both Family of Apps and Reality Labs, some teams will be affected more than others. Among the projects set to be shut down are wearable device initiatives underway at Metas Reality Labs division, which as the WSJ notes indicates Meta is All rights reserved. In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today., Opinion:Apple, more than Meta, holds the key to unlocking a metaverse-type world of AR, While many people are still scratching their heads over Metas metaverse plan, there are big revenue opportunities in the broader virtual world, according to metaverse analyst firm DappRadar. Meta, as part of its strategy to boost efficiency, has pledged to focus less on low-priority projects. Mark Zuckerbergs Metaverse bombs, Mike Sington, a former senior executive at NBCUniversal, tweeted on Sunday. Should I get a financial adviser to help me? Tento soubor cookie je nastaven pluginem GDPR Cookie Consent. However, founder and CEO Mark Zuckerberg did address potential job cuts in the companys fourth-quarter earnings report. 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