Zuckerberg of Facebook Makes Difficult Decisions

10% cost savings The future is bleak. "This could be one of the worst downturns in recent history," CEO Zuckerberg warned in June.

Facebook aims to reduce costs and staff in order to handle these difficulties. The Wall Street Journal reports that the business intends to reduce spending in the upcoming months by at least 10%.

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In the third quarter of 2021, the business predicted 2022 sales of $91 billion to $97 billion. Facebook estimates second-quarter spending to be between $85 and $88 billion, $3 billion less than anticipated.

As of June 30, Facebook has 83,553 employees, up 32% from 63,404 in 2021.

The slowdown and potential recession put Meta's revenue from Facebook advertising in jeopardy. The owner of WhatsApp and Instagram is also losing market share.