Meta Platforms Inc. is looking to become more efficient and thus has requested that many of its managers and directors either switch to individual contributor roles or vacate the company, according to reliable sources.
Tries to be More Efficient
In November, Meta – the corporate giant that owns Facebook and Instagram – terminated 13% of its staff. Since then, many employees have been on edge about potential future cuts to come. CEO Mark Zuckerberg recently discussed during an earnings report this month his belief that the company was still overstaffed and sluggish, thus dubbing 2023 a “Year of Efficiency” with plans for slashing middle managers along with underperforming activities.
The job cuts this time around will be more incremental, conducted on a case-by-case basis, according to people familiar with the matter. Some Meta staff members expressed that due to certain teams competing for identical objectives and some managers in charge of just one or two personnel, restructuring was necessary. Meta declined any comment when approached by reporters. Mark Zuckerberg’s plan for a streamlined organization has had an overwhelmingly positive effect – it helped their share price recover from its worst year ever in 2022, as it is now up more than 56% since the start of this year alone!
Mark Zuckerberg’s Meta Lost a Lot of Money
Meta expects to generate revenue between $26 billion and $28.5 billion this quarter – a potential increase from last year’s 1st quarter figure of 27.9 billion dollars! If this company meets the upper end of its prediction, it could mean that the black series will experience positive numbers in 2021 for the first time since before then.
Despite the potential for success, we must look underneath this rosy picture to uncover some of the collateral damage inflicted by these billions of dollars lost. A major culprit is metaverse expenses; despite over 200 virtual reality apps generating millions in revenue, more is needed to keep the Metaverse afloat.
With a heavy heart, the team at Ready At Dawn announced that their hit game Echo VR, available on Oculus Quest, Quest 2, Meta Quest Pro, and Rift S, will be closing its doors in August 2023. After numerous internal discussions with Meta, this decision was made public earlier this February on Medium. The news certainly saddens many passionate players of the popular virtual reality game.
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