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Facebook's parent company, Meta, has announced that revenues generated by advertisement sales have improved fortunes, following on from three quarters of consistent slumps. It has reported an operating profit of $5.7 billion for the first quarter of 2023, this announcement arrives as a surprise to business analysts - their calculations predicted yet another decline in advertising sales for Q1 '23. Mark Zuckerberg - co-founder, executive chairman and CEO of Meta Platforms - has informed his investors that artificial intelligence-assisted systems have directed more user traffic to its social media platforms. Reels and Instagram have experienced the most user population growth, thanks to Meta's AI-driven recommendation system boosting engagement by 24% for the latter platform. The company's leader stated that AI-related operations are set to expand into generative tasking, visual creation tools (for Instagram) and business chatbots.
Meta is continuing to streamline its operations in 2023 - Zuckerberg has previously outlined plans for a year of "efficiency" with extensive plans already underway to reduce company-wide headcounts. 10,000 positions are set to be cut this year, and press coverage from last week revealed that Meta's gaming divisions being hit hard in terms of layoffs. Reports suggest that a third of the team at Ready at Dawn, an Oculus Rift-oriented development studio, were let go throughout that period. The social media and technology let go of 13,000 employees last year due to reduced profits margins. A return to better fortunes has not resulted in an immediate slowdown of headcount reduction - Meta is expected to carry on implementing its 2023 efficiency initiative.
View at TechPowerUp Main Site | Source
Meta is continuing to streamline its operations in 2023 - Zuckerberg has previously outlined plans for a year of "efficiency" with extensive plans already underway to reduce company-wide headcounts. 10,000 positions are set to be cut this year, and press coverage from last week revealed that Meta's gaming divisions being hit hard in terms of layoffs. Reports suggest that a third of the team at Ready at Dawn, an Oculus Rift-oriented development studio, were let go throughout that period. The social media and technology let go of 13,000 employees last year due to reduced profits margins. A return to better fortunes has not resulted in an immediate slowdown of headcount reduction - Meta is expected to carry on implementing its 2023 efficiency initiative.
View at TechPowerUp Main Site | Source
