Meta cuts employee plans, barriers to ‘hot’ air – SABC report

Facebook owner Meta Platforms Inc has cut plans to hire 30% less engineers this year, CEO Mark Zuckerberg told employees on Thursday, warning them to be optimistic about a deep economic crash. .

“If I were to bet, I would say that this could be one of the worst failures we have ever seen in history in recent times,” Zuckerberg told staff at a staff Q&A meeting too. week, which Reuters heard.

Meta has reduced its target for hiring engineers by 2022 to about 6 000-7 000, down from the original plan to take in about 10 000 new engineers, Zuckerberg said.

Meta approved a sleep shutdown last month, but the exact number has not been released. In addition to reducing wages, he said, the company is leaving some unsatisfactory conditions in response to layoffs and “turning the heat” on and operational management to eliminate employees who are unable to meet other energy goals. power.

“Of course, there may be a bunch of people and companies that shouldn’t be here,” Zuckerberg said.

“Part of my hope by promoting expectations and increasing energy goals, in the form of a little lighting, is that I think some of you may decide that this place is not for you, and personal choice is. OK stay with me, ”he said.

The media and technology industry is gearing up for the second half of the year, as it tackles the economic pressures of macro and data privacy affecting its advertising business, according to an internal memo seen by Reuters on Thursday.

The company must “take the initiative to be compassionate” as well as “perform poorly, poorly, effectively,” wrote chief product Chris Cox in a note, which means an industry conference in the workplace before Q&A.

“I need to make it clear that we are at a critical juncture here and the atmosphere is awesome. We need to do things flawlessly in a environment where growth is slow, where team members should not expect big welcoming new engineers to the budget, ”Cox wrote.

The purpose of the letter is to build on our previous public awareness of the challenges we face and the opportunities we have, while focusing more on advocacy, ”A Meta spokesperson said in a statement.

The directive is the latest and most difficult forecast coming from Meta executives, who have moved prices across multiple companies this year further reducing media sales and user growth.

Technology companies across the board have lowered their focus on the prospect of a possible US recession, although slide stock prices in Meta have been worse than those of Apple and Google competitors.

The world’s largest social media company lost about half its market share this year, after Meta reported that daily active users on its Facebook flagship app had received a 15-minute cut for the first time.

Its strong momentum comes at a critical juncture, fitting into two important strategic plans: one that seeks to redesign its social media product with “discovery” to win back competition from the short-lived TikTok video app, the other being a long-term bet expensive. augmented with virtual reality technology.

In his notes, Cox said Meta would like to double the number of graphics processing units (GPUs) in its data center by the end of the year to support the “discovery” input, which requires computing power for intelligence. Popular posts from Facebook and Instagram in the user list.

Interest in Meta’s TikTok short video products is growing rapidly, Cox said, as well as employees increasing the amount of time they spend on Reels each year, both in the United States and around the world.

About 80% of growth since March comes from Facebook, he added.

The user’s connection to Reels can provide a way to promote the brand, making it necessary to promote ads on Reels “as soon as possible,” he added.

Chairman Mark Zuckerberg told investors in April that executives viewed Reels as “a key part of the search engine vision,” but at the time described the short video change as “the key moment.” short ”that will gradually increase revenue as advertisers increase. good in process.

Cox said Meta also saw an opportunity for increased revenue in business information and app shopping apps, the latter, he added, could “reduce the signal loss” caused by Apple’s privacy changes.

He said the company’s hardware department was “focused on laser” in developing its main theme, called Cambria, in the second half of the year.

Meta cuts employee plans, barriers to ‘hot’ air – SABC report

Source link Meta cuts employee plans, barriers to ‘hot’ air – SABC report

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