Meta has reported its first revenue decline ever, a 1% decline in revenue in the second quarter of this year. The company pivoted away from their time as social media titan Facebook and into the "metaverse."
Meta hit investors with the revelation of a downturn in company revenue when compared to Q2 2021. According to the New York Times, this is the first time that the company has lost revenue since it went public. Unfortunately for Meta, the hits just don't stop coming as the company revealed a 36% loss in net income for the second quarter. That is a huge problem.
Two high-level staff changes have been announced by Meta. David Wehner will become Meta's first Chief Strategy officer. Susan Li, the company's current Vice President of Finance, will become the CFO for Wehner. "I'm excited to keep working closely with both of you as we grow our business and shape our strategy to build for the future" We are not surprised to see a change in the finance department after the disappointing earnings report.
Meta, one of the biggest tech companies, is feeling the burn that so many in the tech sphere are experiencing. In order to cut costs, the company has slashed its engineer hiring efforts by 30% from 10,000 to between 6,000 and 7,000.
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