![]() Part of the efficiency focus will involve cuts. Meta expects another $1 billion in restructuring costs in 2023. “We closed last year with some difficult layoffs and restructuring some teams, and when we did this, I said clearly that this was the beginning of our focus on efficiency and not the end,” Zuckerberg said. 1, saying the management theme for 2023 is “the year of efficiency.” Zuckerberg told investors he was focused on “continuing to streamline the company,” during its earnings call on Feb. The company laid off approximately 11,000 employees in the quarter.īut the cost-cutting is far from over. Meta said restructuring efforts - including costs related to employee severance, the early termination of office leases and data center restructuring - cost it $4.2 billion in Q4. Meta’s net income of $4.65 billion in Q4 represents a 55% decline from the prior year. Revenue fell by 4% to $32.2 billion in Q4 compared to the same period in 2021, marking the third straight quarter of decline.Ĭosts and expenses shot up by 22% year-on-year to $25.8 billion, dragging down the company’s profit. In February, the company reported that Reality Labs suffered an operating loss of over $13 billion for 2022, resulting in a major financial blow for Meta.Mark Zuckerberg promised to further streamline Meta’s business in the year ahead as the company reported mixed results for the fourth quarter of 2022. With these changes, Meta hopes to see a different turnaround this year and possibly increase profits. ![]() Meta’s last official update on its usage in February 2022 reported having only 300,000 monthly users. ![]() However, the avatars in Horizon Worlds have been criticized for their cartoonish appearance, and the product has struggled to gain widespread adoption. Zuckerberg saw virtual reality as a new world for socializing, work, and commerce, with avatars as the primary mode of interaction in Meta’s metaverse platform, Horizon Worlds. Meta’s Reality Labs also shifted its attention to gaming, which marks a departure from Zuckerberg’s initial vision for the Quest headset to be a device for productivity. The company has also been revamping hardware components to enhance the gaming experience on Quest headsets. However, their enthusiasm for the metaverse has seemingly taken a back seat. ![]() Meanwhile, other company teams working on gaming projects should be on the safe side for now.Īccording to Business Insider, there’s been a recent surge in excitement among Zuckerberg and other top executives at Meta for the gaming industry. Many projects within Reality Labs will be dissolved. Last month, as part of Meta’s year of efficiency, Zuckerberg announced another round which will begin on May 22 and result in 10,000 more layoffs. The big tech ignited a mass round of layoffs back in November 2022. Published: 19 April 2023, 3:55 pm Updated:, 3:56 pmĪs rumors of staff reductions continue, Meta’s CEO, Mark Zuckerberg, intends to redirect attention from the metaverse toward gaming through its VR/AR division Reality Labs. ![]()
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