Meta Platforms (META) CEO believes that the company's growth goals were too optimistic. The company expected the revenue growth and increase in usage witnessed during COVID-19 will continue!
Meta's CEO also admitted that its hiring policy was too aggressive as the company failed to account for an economic downturn and high inflation.
Earlier, Meta also revealed that the company's earning forecast would be revised as it received another drop in the quarterly earnings.
Economic Downturn & Inflation
In a recent investor call, Meta's CEO pointed toward an economic downturn in the country. According to him, this will leave a negative impact on the business of digital advertising.
He went on to say that it is not possible to predict the exact length of such economic cycles. However, the current situation is most definitely worse than the last quarter.
He also told investors that Meta plans to reduce its headcount growth during the next year.
This year has been really tough for Mark Zuckerberg and the Meta company as a whole. On the one hand, the company is facing slow growth and even a decline in usage while its revenue numbers are also dropping. On the other hand, the company is pouring a lot of money into the metaverse, which is still a concept at best.
For the short-term, there are no expectations of profit for the metaverse, which makes things worse. In fact, it seems like a desperate attempt by Zukerberg to find something new for the company to hold on to!
Social media platforms such as TikTok, Snapchat, and others are giving a hard time to Facebook & company-owned social platforms.