The results largely followed a broader decline in the digital advertising market that is dinging Meta rivals such as Google, Twitter — which also posted a revenue decline — and Snap. Google’s parent company Alphabet reported its slowest quarterly growth in two years on Tuesday.
CEO Mark Zuckerberg said Meta is slowing its pace of investments and plans to “steadily reduce” employee growth after a hiring blitz earlier this year.
“This is a period that demands more intensity,” he said in a conference call with analysts. “Expect us to get more done with fewer resources.”
Beyond the economic downturn, Meta faces some unique challenges, including the looming departure of its chief operating officer Sheryl Sandberg, the chief architect of the company’s massive advertising business.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
AUSTRALIAN STATES BACK NATIONAL PLAN TO BAN CHILDREN YOUNGER THAN 16 FROM SOCIAL MEDIA
Australia’s states and territories unanimously backed a national plan to require most forms of social media to bar children younger than 16.
FACEBOOK AND INSTAGRAM USERS IN EUROPE CAN OPT FOR LESS PERSONALIZED ADS
Facebook and Instagram users in Europe will get the option to see less personalized ads if they don’t want to pay for an ad-free subscription, social media company Meta said Tuesday, bowing to pressure from Brussels over privacy and digital competition concerns.
IN THIS FLORIDA SCHOOL DISTRICT, SOME PARENTS ARE PUSHING BACK AGAINST A CELLPHONE BAN
It’s no surprise that students are pushing back on cellphone bans in classrooms. But school administrators in one South Florida county working to pull students’ eyes away from their screens are facing some resistance from another group as well – parents.
'SATURDAY NIGHT LIVE' TO TRUMP: 'WE'VE BEEN WITH YOU ALL ALONG'
The first “Saturday Night Live” since Donald Trump’s election victory began with the most somber of tones as a group of plainly dressed cast members, primarily women and minorities, described their new reality.
DIAMOND SPORTS GROUP WILL OFFER SINGLE-GAME PRICING TO STREAM NBA AND NHL GAMES STARTING NEXT MONTH
The nation’s largest owner of regional sports networks will offer single-game pricing for NBA and NHL games beginning next month.
ON THE EVE OF OSCARS HONOR, JAMES BOND PRODUCERS REFLECT ON LEGACY AND FUTURE OF 007
For the late James Bond producer Albert “Cuddy” Broccoli, receiving the Irving G. Thalberg Memorial Award was a true high point in his career.
WAYMO'S ROBOTAXIS NOW OPEN TO ANYONE WHO WANTS A DRIVERLESS RIDE IN LOS ANGELES
Waymo this week opened its robotaxi service to anyone who wants a ride around Los Angeles, marking another milestone in the evolution of self-driving car technology since the company began as a secret project at Google 15 years ago.
US AGENCY SAYS TESLA'S PUBLIC STATEMENTS IMPLY THAT ITS VEHICLES CAN DRIVE THEMSELVES. THEY CAN'T
The U.S. government’s highway safety agency says Tesla is telling drivers in public statements that its vehicles can drive themselves, conflicting with owners manuals and briefings with the agency saying the electric vehicles need human supervision.
STELLANTIS RECALLS JEEP AND DODGE SUVS TO FIX COMPUTER PROBLEM THAT CAN DISABLE BRAKE SAFETY DEVICES
Stellantis is recalling about 207,000 Jeep and Dodge SUVs in the U.S. to fix a computer problem that can disable the anti-lock brakes and electronic stability control safety features.
VATICAN, MICROSOFT CREATE AI-GENERATED ST. PETER'S BASILICA TO ALLOW VIRTUAL VISITS, LOG DAMAGE
The Vatican and Microsoft this week unveiled a digital twin of St. Peter’s Basilica that uses artificial intelligence to explore one of the world’s most important monument’s while helping the Holy See manage visitor flows and identify conservation problems.
