He said no one predicted that the boom for digital services during the Covid pandemic would die out.
"Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I did too, so I made the decision to significantly increase our investments.
Unfortunately, this did not play out the way I expected," he wrote to his employees.
Zuckerberg further explained: "Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I'd expected. I got this wrong, and I take responsibility for that." Meta added 28,396 net employees from end of December 2020 till September 2022, taking the total headcount to 87,000.
Whereas it added 13,366 and 13,662 in 2020 and 2021 respectively.
This is the base reason for recent layoffs at many tech firms.
Diese Geschichte stammt aus der November 10, 2022-Ausgabe von Business Standard.
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Diese Geschichte stammt aus der November 10, 2022-Ausgabe von Business Standard.
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