Last February, Meta said the change would cost the company $10 billion in lost revenue a year - around as much as the company is spending annually on its metaverse ambitions. Schultz wrote that Meta is still “at the whim of Apple,” referencing the new privacy feature that the iPhone maker introduced in 2021 that limited the amount of data Meta can collect about many mobile users, making it harder for the company to target ads - which is a key part of its business model. but we’re still early in this turnaround, not everything will pan out.”ĭo you work at Meta and have thoughts about what’s going on at the company? You can send us a tip at We can grant requests for anonymity if needed. “We have to keep our eyes on the horizon and not focus on the reaction of the street and our stock price,” he wrote. In the note, which Meta Chief Marketing Officer Alex Schultz posted on Meta’s internal employee message board, Workplace, in early February, he cautioned employees to contain their excitement. Meta still faces major business challenges, including Apple limiting its advertising business, TikTok’s rising popularity, and its brand sentiment with users in the US. That progress could be overstated and the company isn’t out of the woods just yet, according to an internal memo from one of the company’s top executives that Recode obtained. While almost every other major tech company is continuing to struggle and has also laid off thousands from their workforces, none has seen a stock market rebound anywhere close to Meta’s. There are signs things are turning around, though: Earlier this month, the company reported stronger-than-expected Q4 earnings and saw its stock price jump by more than 20 percent in a single day. The value of its stock fell by 65 percent year over year, it laid off 11,000 people, and employee morale has suffered.
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