Meta's stock price fell by more than half in the first half of the year! Zuckerberg tightened his purse strings and cut back on hiring and layoffs!

It is learned that Meta CEO Zuckerberg predicted in an internal video conference held by 77,800 employees that the company will face a major crisis in the future, or will usher in a "difficult period". The US economy was in recession in the first half of the year, and the technology giants, which have always been wealthy, had to tighten their purse strings. The number of new engineers to be recruited will be reduced by 30% from the original plan of 10,000 to 6,000-7,000, and those employees whose performance does not meet the requirements will be eliminated.

Meta said it is also preparing for a bleaker second half of the year. Zuckerberg's assets shrank by half in the first half of the year, and the assets of the world's top 500 richest people also evaporated to varying degrees. Meta also said it is dealing with the impact of macroeconomic pressure and data privacy on its advertising business. It expects to lose more than $10 billion in 2022 due to Apple's privacy policy, so it plans to cut costs, suspend recruitment in most of the company's departments, and even streamline its business. In the future, the company will take more measures to cope with economic pressure.

In addition, Zuckerberg also told employees of Facebook, Instagram and WhatsApp, "If I had to bet, I would say this may be the worst recession we have seen in history. Hard times are coming."

It is learned that Meta's user base has also been ruthlessly taken away by competitors. In the February 2022 financial report, the number of daily active users declined for the first time. These users are flowing to TikTok, especially the younger generation. Under various crises, Meta's stock price has declined by more than 52% since the beginning of 2022. Although they are also in a sluggish economic environment, the stock prices of technology giants such as Apple and Microsoft have declined by less than half of Meta's. It seems that Meta's road ahead in the second half of the year is full of thorns.

Editor ✎Estella/

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