David Bridges
Mark Zuckerberg, in an internal call with employees, even went ahead to cancel Meta Days — extra vacation days for employees introduced during the peak pandemic to tackle.
HIGHLIGHTS
- Meta is facing stiff competition from TikTok.
- It even saw a drop in revenue in the Q2.
- Meta predicts a further drop in revenue in the next quarter.
Meta is bracing for a tough quarter ahead. On one hand, the company continues to find the best way forward to tackle Apple’s privacy features on iPhones. On the other hand, it is facing stiff competition from TikTok. Recently, its CEO, Mark Zuckerberg, made it very clear that Meta has some, if not many workers, who probably don’t belong at the company. As pointed out by The Verge, Zuckerberg, in an internal call with employees, even went ahead to cancel Meta Days — extra vacation days for employees introduced during the peak pandemic to tackle.
The Facebook co-founder adds, “Realistically, there are probably a bunch of people at the company who shouldn’t be here. [A] part of my hope by raising expectations and having more aggressive goals, and just kind of turning up the heat a little bit, is that I think some of you might just say that this place isn’t for you. And that self-selection is okay with me”.
Zuckerberg’s statement further triggered a conversation on Workplace — Meta’s internal chat system for employees. While some feared job loss, others asked who hired these employees who are probably too focussed on taking it easy.
His words also came days before the company released their quarterly earnings report. For the first time since the company went public, Meta’s overall revenue dropped in the June 2022 quarter (Q2 2022). The company further predicts a drop in revenue in the September 2022 quarter (Q3 2022). Interestingly, Zuckerberg’s team, which is overseeing the development of Metaverse, saw a fall in revenue.
Meta predicts a further revenue fall in the third quarter(July to September) from $28.8 billion to roughly $26 billion.
Not just Meta, other big tech players are also facing heat amid the global economic slowdown and the Ukraine-Russia war. Google CEO Sundar Pichai expressed similar concerns that the company has too many employees who are not working enough – not in the most brutal way as Zuckerberg did.
Microsoft is also reportedly laying off 200 more employees from its team. This came days after it laid off 1,800 employees as part of a restructuring process.
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Mason Thompson
Ivy Caldwell
