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Zuckerberg’s New Focus Pulls Meta Back From The Brink

3Feb

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Technology

Zuckerberg’s New Focus Pulls Meta Back From The Brink

[ad_1] Meta Platforms Inc. may have got caught in a downward spiral over the past year, but Mark Zuckerberg seems to be putting it back onto a more fruitful direction, at least for now. Meta's decline in ad revenue for the third straight quarter wasn't as big as expected; there was a $40 billion buyback for shareholders; and daily active users — Meta's “North Star” for years — blew past the psychological 2 billion barrier, according to fourth-quarter earnings it announced on Wednesday night. More important, Chief Executive Officer Mark Zuckerberg replaced much of his usual talk about the still-to-be-realized metaverse with pledges about a new era of “efficiency” for Meta, on the heels of slashing thousands of jobs, and a refocus on artificial intelligence, echoing where other tech ri...

Meta Shares Soar as Zuckerberg Ushers in ‘Year of Efficiency’

[ad_1] Meta Platforms Inc. Chief Executive Officer Mark Zuckerberg struck a new tone with investors Wednesday: The social media giant will be leaner, more efficient and more decisive, with a big assist from artificial intelligence.The company's shares gained more than 20% in late trading on fourth-quarter revenue that beat expectations. Zuckerberg, who has spent the past year promising a faraway future in a digital world called the metaverse, on Wednesday was more focused on immediate problems, such as sending users the most relevant videos at the right time, and finally making significant revenue from messaging products. He called 2023 the “Year of Efficiency.” “We're working on flattening our org structure and removing some layers of middle management to make decisions faster, as wel...

Meta Platforms Plummets 25%; Mark Zuckerberg Plea for ‘Patience’ Falls Flat

[ad_1] Meta Platforms Inc. plunged 25% Thursday, its biggest one-day drop since February. Meta Platforms Inc. plunged 25% Thursday, its biggest one-day drop since February, after Chief Executive Officer Mark Zuckerberg asked investors for patience with the social-media giant's swelling investments in unproven bets at an already-challenging time for digital-advertising companies. On a call Wednesday after giving a disappointing revenue outlook, Zuckerberg sought to justify Meta's ballooning costs to fund its version of virtual reality, the metaverse, as well as the artificial intelligence fueling major changes to its social networks. Investors, who have already sent the stock down 71% this year, so far aren't buying it. The Facebook parent's market value has collapsed by a whoppin...