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Mark Zuckerberg details how Meta is facing tougher economic times

By our News Team | 2022

A drop in advertising revenue due to Apple’s new privacy policy and increased competition from the likes of TikTok are said to be factors.

Even the mighty Meta – home to the likes of Facebook and Instagram – is not immune to global economic headwinds and has announced that it will slow down its hiring of new employees.

Among the challenges that the social media and digital technology giant is facing are a drop in advertising revenue due to privacy changes by Apple, tough competition from rivals such as TikTok, the near-collapse of revenue from Russia due to its conflict with Ukraine, and a struggle to monetise some of Meta’s video content.  

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Photo by Cottonbro from Pexels

The company is also currently in the midst of a major change in strategy, as it attempts to focus more on the Metaverse, augmented reality and virtual reality – and their potential for new advertising income and other revenue streams.

Fewer new employees, but no employment freeze

Although Meta said late last week that it is slowing down on the hiring of new workers, this does not mean a ‘no hire’ policy is in place and it will still be taking on new engineers, in particular. 

There are also no plans to lay off workers – although news agency Reuters has reported on an internal address that Meta founder Mark Zuckerberg made to the company workforce, in which he said he expected that some employees would find the company was no longer the place for them and would be leaving. He called it “self-selection” and said it was “okay with me”.

Last week, Zuckerberg said in an earnings call with analysts that Meta planned to slow the pace of some investments because of its current challenging growth prospects.

“After the start of Covid, the acceleration of e-commerce led to outsized revenue growth, but we’re now seeing that trend back off,” he is quoted as saying by broadcaster CNN. He noted that the company’s immediate focus would be on short-form video and the Metaverse.

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    Dr Kin Kariisa

    Group CEO - Next Media

    Dr. Kin Kariisa is an extraordinary force at the helm of Next Media Services, a conglomerate encompassing NBS TV, Nile Post, Sanyuka TV, Next Radio, Salam TV, Next Communication, Next Productions, and an array of other influential enterprises. His dynamic role as Chief Executive Officer exemplifies his unwavering commitment to shaping media, business, and community landscapes.
    With an esteemed academic journey, Dr. Kariisa’s accolades include an Honorary PhD in exemplary community service from the United Graduate College inTexas, an MBA from United States International University in Nairobi, Kenya, a Master’s degree in Computer Engineering from Huazong University in China, and a Bachelor’s degree in Statistics from Makerere University.
    Dr. Kariisa pursued PhD research in Computer Security and Identity Management at Security of Systems Group, Radboud University in Nijmegen, Netherlands. As a dynamic educator, he has shared his expertise as a lecturer of e-Government and Information Security at both Makerere University and Radboud University.

    Dr Kin did his PhD research in Computer Security and Identity Management at Security of Systems Group, Radbond University in Nigmegen, Netherlands. He previously served as a lecturer of e-Government and Information Security at Makerere University in Kampala, Uganda and Radbond University in Netherlands.

    Dr Kin did his postgraduate courses in Strategic Business Management, Strategic Leadership Communication and Strategies for Leading Successful Change Initiatives at Harvard University, Boston USA.

    • Other current and previous roles played by Dr Kin Kariisa:
    • Lecturer of e-Government and Information Security to graduate students at Makerere University, Kampala and Radbond University in the Netherlands
    • Director of Eco Bank Uganda Limited, one of the largest banks in Africa
    • Chairman of the National Association of Broadcasters, an umbrella industry association for all Television, Radio and online broadcasters in Uganda.
    • Chairman of Board of Directors of Nile Hotel International, that owns the leading hotel in Uganda, Kampala Serena Hotel.
    • Chairman of Board of Directors of Soliton Telmec Uganda, the leading telecom company in Optic fibre business managing over 80% of optic fibre in Uganda.