Posted on 11/09/2022 5:13:06 AM PST by NautiNurse
Meta Platforms Inc. said it would cut more than 11,000 workers, or 13% of staff, embarking on the company’s first broad restructuring to cope with a slumping digital-ad market and falling stock price.
In a message to staff on Wednesday morning, Chief Executive Mark Zuckerberg said the company, the parent of Facebook META -0.26%decrease; red down pointing triangle and Instagram, would cut staff across all of its businesses, with its recruiting and business teams disproportionately affected. The company is also tightening its belt by reducing its office space, moving to desk sharing for some workers, and extending a hiring freeze through the first quarter of 2023.
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The layoffs are the first broad head-count reductions to occur in the company’s 18-year history...
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Meta’s stock has fallen more than 70% this year.
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(Excerpt) Read more at wsj.com ...
Rumor has it they’re heading over to the IRS.
Ha, ha!
The first 2 years of Dem-control was a beta test.
Now, Meta is rolling out “JimmyCarter V2.1”
Learn to not code.
Yikes!
Does anyone really listen to Jim Cramer?
Deep State is consolidating.
Crickets from the media and the elites but when Elon trims the fat out of Twitter you’d think he was gutting grandma 👵 in the streets with a dull knife
Keen observation. Thanks!
——slumping digital-ad market -——
I suspect that advertisers are learning or have learned that digital ads don’t have the proper return on investment. That is, the product is flawed and the ubiquitous ads are ignored
They can always learn to do coal mining.
Then there is the internal debate when revenues are down and profit margins are squeezed--do we compromise product quality or cut promotional expenses?
Ha! That’ll be the day. If they aren’t already there, the kids will move back into Mom & Dad’s basement.
Not to minimize the glee associated with Zuckerberg’s difficult times, this is the just the beginning of hard times for all of Americans. The writing has been on the wall for sometime now. Inflation and recession leads to unemployment. It’s a cycle. In this case it is not a business cycle. It’s a cycle caused by government. We didn’t break that cycle in the election. We will see a combination of inflation, recession and unemployment, not necessarily all at the same time, until government is fixed. That can’t be done for two years. It will take even longer after that to fix the economy.
Instead of Meta, they should have changed the name to Sears, Roebuck. History repeats.
I also bet that there are thousands and thousands of very small businesses that sold all sorts of crap (jewelry/clothing/gadgets etc....) that are simply not in business anymore or have found more effective means of attracting customers.
I personally know of at least 2 small crafty type business’s that did well on facebook 8-10 years ago. They’ve moved on to greener pastures with their advertsing spend.
These companies might not not spend much individually, but when you add up thousands of them, it makes a difference.
facebook’s glory day is long over.
10 years ago, my old army unit from Somalia had a great reunion page going. almost half the battalion was in the group and we had great conversations and reminiscing, but as FB went political, they all started dropping off and the conversation went pretty silent except for stupid meme sharing and stuff.
I no longer use facebook (stopped when the Floyd riots started) and one of my buddies says the reunion group is down to maybe a quarter of the battalion as the rest of the guys have just gotten off the platform all together.
Well, in 1999-2000 recession, the Dot.coms were the first to fall that opened the door for others. The Market is already off this morning due to the elections. The market was rebounding on the polling information that the Reps would win big. Look for the market to be off by 5% by Thanksgiving as inflation increases and buying power weakens even more.
Sears had a very long, successful run. There are still Sears homes in old St. Petersburg FL.
Agree, FRiend.
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