Meta announced financial decline in this quarter by 4% year over year. This came as no surprise as most tech companies are going through a tough time because of the high rise of inflation that affects the price of goods and services.
Despite the current loss, Meta founder and CEO Mark Zuckerberg believe that the road ahead will be more exciting for Meta platforms.
“There’s still a long road ahead to build the next computing platform. But we’re clearly doing leading work here. This is a massive undertaking and it’s often gonna take a few versions of each product before they become mainstream,” Zuckerberg.
“But I think that our work here is going to be of historic importance and create the foundation for an entirely new way that we will interact with each other and blend technology into our lives, as well as the foundation for the long term of our business.”
Zuckerberg says building a new world or unknown industry is difficult and it comes with its own challenges, however, they’re ready to fight until they win the battle at hand.
“Obviously it has a long way to go before it’s going to be what we aspire for it to be,” Zuckerberg said about Horizon Worlds. “We think we’re doing some leading work there, but obviously we need to get that into the product and continue innovating on that.”
Meta’s chief financial officer David Wehner says the company will cut jobs and freeze hiring in 2023 given the current state of the economy.
On jobs, the company added 3,700 net new employees in Q3, down from 5,700 net additions in Q2.
“We expect hiring to slow dramatically going forward and to hold the headcount roughly flat next year relative to current levels,” adds Wehner.
