Meta shares jump after Zuckerberg announces more layoffs
BACK DOWNTOWN TO YOU FOLKS AT THE NEW YORK STOCK EXCHANGE. >> A LOT OF ONES IN THE EYE OF THE STORM. THANK YOU. >>> MARK ZUCKERBERG’S YEAR OF EFFICIENCY, BACK IN FOCUS AFTER ANOTHER ROUND OF SWEEPING LAYOFFS AND JOB CUTS AT META JULIA BOORSTIN WITH MORE ON THAT FOR US HE SAID IT WAS THE YEAR OF EFFICIENCY. >> HE DID, SDOOEDS, AND HE’S FOLLOWING THROUGH WITH THAT. WITH ANNOUNCING ANOTHER 10,000 EMPLOYEES HE’S GOING TO BE LAYING OFF AND CLOSING 5,000 OPEN ROLES, HE WARNED THE POSSIBILITY THAT THIS NEW ECONOMIC REALITY WILL CONTINUE FOR MANY YEARS
AND AS PART OF ALL OF THAT, META IS LOWERING THE 2023 EXPENSE GUIDANCE. FORECASTING A RANGE BETWEEN $86 BILLION AND $92 BILLION, DOWN FROM A PRIOR RANGE BETWEEN $89 BILLION AND $95 BILLION. SAYING THAT THIS IS INCLUSIVE OF THE LAYOFFS AND 3 TO $5 BILLION RELATED TO FACILITIES CONSOLIDATION CHARGES AND SEVERANCE. ZUCKERBERG SAYING THE COMPANY’S FOCUSED ON INCREASING DEVELOPER PRODUCTIVITY AND PROCESS IMPROVEMENTS BUT ZUCKERBERG HAS A NEW SET OF BUZZWORDS INSTEAD OF TALKING ABOUT THE METAVERSE WHICH SEEMS TO HAVE FALLEN OUT OF FAVOR, WRITING THAT META IS BUILDING THE FUTURE OF HUMAN CONNECTION AND TRYING
TO BUILD NEW WAYS FOR PEOPLE TO FEEL CLOSER TO EACH OTHER USING A.I. IT’S WORTH NOTING WITH THE ELIMINATION OF 21,000 JOBS BETWEEN THIS ROUND OF LAYOFFS AND THOSE ANNOUNCED
