Mark Zuckerberg at an event
Source: Gulf News

Meta CEO says company’s pandemic-era forecast was too rosy
Mark Zuckerberg says how Meta's revenue growth was not as high as he had expected.

Makr Zuckerberg at an event
Meta CEO Mark Zuckerberg says company’s pandemic-era forecast was too rosy.
Source: Colors Of India

This week, CEO of Facebook’s parent company Meta, Mark Zuckerberg informed employees how the tech giant’s growth was not as much as they had expected. Meta Platforms Inc made a mistake in thinking it would see the sustenance of the increase in usage and revenue generation at the time of the Covid-19 pandemic.

The Facebook founder made the remark while answering one of the staffers’ inquiries at the time of a meeting held on July 28. In the response, Zuckerberg stated how he had taken on new heads rather vigorously, failing to predict the possible economic downturn. These highlights from the meeting were specified by sources who were present. Reportedly, this particular worker had enquired about the wrong steps the CEO thought had been taken.

These remarks from the Meta CEO appear much more unambiguous than the ones he made at the time of the investor call the day before this.This was when the tech giant recorded its very first quarterly fall in earnings, expecting yet another drop in the coming quarter of 2022. During the call, the Meta chief executive expressed his belief of the economy possibly going into a downturn that could have a great ‘impact’ on the spectrum of digital ads.

Further remarks from Mark Zuckerberg:

The Facebook founder noted how it is often difficult to see exactly how far these periods could go on for, specifying currently the circumstances seemed ‘worse’ than the previous quarter. Further, he informed the investors how Meta is currently set to initiate a steady reduction of ‘headcount growth’ in the coming year.

In the meeting, an additional staffer enquired of Zuckerberg if the senior management of the company were involved in ‘coasting.’ This was in reference to the argument in progress regarding the term since managers being informed by an executive to get rid of workers involved in ‘coasting.’ The Meta chief’s response to this was the discussion of the general performance reviews of the company. As the staffer raising the question referred to Zuckerberg’s response, he stated how his inquiry was not exactly answered.

These interactions take place as the billionaire CEO fights rising morale problems at the tech giant, along with competitions from Apple. At another such meeting in June, Zuckerberg informed workers how he wants them to show more intensity in their work owing to his decision to reduce hiring in the company. Due to the serious fall in Meta’s stock price, various workers saw their pay for this year being significantly ripped.