![]() The company also reported earnings per share of $1.76 - missing estimate targets of $2.26 a share. Quarterly revenue fell 4% year-over-year to $32.17 billion - besting forecasts for $31.55 billion. “Our management theme for 2023 is the ‘year of efficiency’, and we’re focused on becoming a stronger and more nimble organization,” he said. Meta’s stock price slid by some 70% last year as the company has struggled to smoothly pivot from its traditional, bread-and-butter business model of ad-driven social media to advancing the metaverse. Zuckerberg blamed aggressive hiring during the pandemic, when Meta’s business boomed because people were stuck at home, scrolling on their phones and computers, glued to social media.īut as the lockdowns ended and people started going outside again, revenue growth began to falter. In November, Meta laid off more than 11,000 employees - or 13% of the company’s overall workforce. Shares of Meta soared after the company released its fourth quarter earnings report. Meta said it spent around $3.7 billion last year in paying out severance as well as terminating office leases. ![]() adding that further layers of middle management could still be trimmed. “We closed last year with some difficult layoffs and when we did this, I said clearly that this was the beginning of our focus on efficiency and not the end,” Zuckerberg said. Zuckerberg said that the company “may incur additional restructuring charges as we progress further in our efficiency efforts,” with the company saying they could total $1 billion this year. Share of Meta surged by 23% on Thursday as Facebook’s parent company’s fourth quarter earnings beat analysts’ estimates on Wednesday. Meta CEO Mark Zuckerberg said the social-media giant will make 2023 the “year of efficiency” - and signaled that more layoffs could be in the offing as Wall Street reacted positively to news that the company would initiate $40 billion worth of share buybacks. Mark Zuckerberg, wife Priscilla Chan lay off nearly 50 workers in latest ‘year of efficiency’ move Mark Zuckerberg’s Meta reportedly rehires ‘dozens’ after slashing 21,000 jobs Lil Tay’s death hoax hack explained as Meta restores star’s accountsĮlon Musk seeks ‘epic location’ to fight Mark Zuckerberg
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