![]() All anyone could talk about was the gargantuan leak, the building response by Congress, and what the potential retribution would be. As the weeks went on, if you were to turn on almost any cable news channel, you would see hundreds of manicured talking heads discussing what this latest scandal meant for the biggest social platform on earth. July 13, 2022: The article has been updated to reflect that Instagram Reels was introduced in 2020.If you visited almost any news site in late September, you would have seen a profusion of headlines detailing the Facebook Files, which showcased thousands of internal company documents illustrating in great detail how Facebook chooses profits over tackling issues such as hate speech and teen depression. Meta will need to increase the number of graphic processing units (GPUs) in its data centers fivefold by the end of the year if it wants to have the computing power necessary to give users the content they want on their feeds. Cox noted user engagement on Reels could quickly bolster the bottom line and said the company intends to put ads on Reels “as quickly as possible.”īut if Reels and other algorithm-based content delivery are to have any success, Meta will need a lot more power, Cox noted. Both TikTok and Instagram Reels provide videos related to user interest gathered from data, rather than from accounts users follow.Ĭox noted in the memo that the amount of time users have spent on Instagram Reels has doubled year over year and Meta would be investing heavily into A.I.-driven content recommendation. One way Facebook hopes to reverse its negative trends is by monetizing Instagram Reels-Meta’s video sharing platform which was first introduced in 2020 to challenge TikTok’s dominance in the A.I.-driven content space. Cox added, “We must prioritize more ruthlessly, be thoughtful about measuring and understanding what drives impact, invest in developer efficiency and velocity inside the company, and operate leaner, meaner, better exciting teams.”Ī Meta spokesperson told CNBC that the memo was “intended to build on what we’ve already said publicly in earnings about the challenges we face and the opportunities we have, where we’re putting more of our energy toward addressing.” Instagram Reels “We need to execute flawlessly in an environment of slower growth, where teams should not expect vast influxes of new engineers and budgets,” Cox wrote, reiterating Zuckerberg’s message. Meta has already lost around half of its market value this year alone, a trend that worsened in February after Meta reported it had lost daily active users on its flagship Facebook site for the first time ever in the last quarter of 2021. The memo, which appeared on the company’s internal discussion forum Workplace before the Q&A, outlined the ways Meta planned to trim its losses. Meta’s planned scale-down was confirmed in an internal memo from chief product officer Chris Cox, seen by Reuters, who attributed the changes to macroeconomic pressures as well as new data privacy changes that have hurt the company’s core online advertising business. Meta did not respond to Fortune‘s request for comment by the time of publication. But as user growth and ad revenue both slowed, Meta was forced to impose a hiring freeze in May across several divisions of the company to shore up earnings-and slowed the pace of hiring in its Reality Labs division, the unit tasked with building its metaverse. The announcement comes after a period of staff growth at Meta, with the company ending the first quarter of 2022 with 28% more full-time employees than it had a year earlier. “Realistically, there are probably a bunch of people at the company who shouldn’t be here,” Zuckerberg said, adding, “Part of my hope by raising expectations and having more aggressive goals, and just kind of turning up the heat a little bit, is that I think some of you might decide that this place isn’t for you, and that self-selection is OK with me.” In addition to the hiring freeze, Zuckerberg also noted the company was leaving some vacant positions at the company unfilled and “turning up the heat” on performance management to weed out staffers who are unable to meet certain KPIs. “If I had to bet, I’d say that this might be one of the worst downturns that we’ve seen in recent history,” Zuckerberg said in an audio recording heard by Reuters. ![]() ![]() Citing the market downturn and the looming recession, Zuckerberg said Meta will now only hire around 6,000 to 7,000 new engineers in 2022-a stark drop from its initial plan to hire more than 10,000. ![]() In a weekly employee Q&A session on Thursday, the social media giant’s chief executive Mark Zuckerberg told employees that Meta is reducing its plans to hire engineers by at least 30% this year. ![]()
0 Comments
Leave a Reply. |