San Francisco, Nov 23 (Ians) Meta (formerly Facebook) has denied reports that its founder and CEO Mark Zuckerberg is resigning next year amid slow growth and massive layoffs at the social network.
The Leak portal first reported, citing its source privy to plans at Meta, that “Zuckerberg is set to resign next year”.
The report claimed that Zuckerberg has decided to step down himself and it will not “affect metaverse”, his multi-billion dollar project.
Andy Stone, Meta’s Communications Director, refuted the report late on Tuesday, tweeting that “This is false”.
Despite serious concerns raised by investors and industry experts, Zuckerberg is determined to aggressively push his Metaverse dream.
Earlier this month, in one of the worst lay-offs ever in the tech industry, Zuckerberg sacked more than 11,000 employees — about 13 per cent of the global workforce — and extended hiring freeze through Q1 2023.
The company posted another quarterly revenue decline as investors begin...
The Leak portal first reported, citing its source privy to plans at Meta, that “Zuckerberg is set to resign next year”.
The report claimed that Zuckerberg has decided to step down himself and it will not “affect metaverse”, his multi-billion dollar project.
Andy Stone, Meta’s Communications Director, refuted the report late on Tuesday, tweeting that “This is false”.
Despite serious concerns raised by investors and industry experts, Zuckerberg is determined to aggressively push his Metaverse dream.
Earlier this month, in one of the worst lay-offs ever in the tech industry, Zuckerberg sacked more than 11,000 employees — about 13 per cent of the global workforce — and extended hiring freeze through Q1 2023.
The company posted another quarterly revenue decline as investors begin...
- 11/23/2022
- by Glamsham Bureau
- GlamSham
San Francisco, Oct 27 (Ians) Meta (formerly Facebook) has posted another quarterly revenue decline as investors begin to lose faith in its loss-making, billion-dollars metaverse dream.
In the third quarter (Q3), Meta’s revenue declined 4 per cent year over year to hit 27.7 billion. The company posted a net income of 4.395 billion, down from 9.194 billion year over year.
This decline is owing to Meta’s huge losses in Reality Labs, Meta’s virtual reality division, which lost 3.672 billion in Q3.
“There’s still a long road ahead to build the next computing platform. But we’re clearly doing leading work here. This is a massive undertaking and it’s often going to take a few versions of each product before they become mainstream,” Meta CEO Mark Zuckerberg said during an earnings call late on Wednesday.
Meta CFO David Wehner, however, said that some of the revenue decline is due to inflation.
In...
In the third quarter (Q3), Meta’s revenue declined 4 per cent year over year to hit 27.7 billion. The company posted a net income of 4.395 billion, down from 9.194 billion year over year.
This decline is owing to Meta’s huge losses in Reality Labs, Meta’s virtual reality division, which lost 3.672 billion in Q3.
“There’s still a long road ahead to build the next computing platform. But we’re clearly doing leading work here. This is a massive undertaking and it’s often going to take a few versions of each product before they become mainstream,” Meta CEO Mark Zuckerberg said during an earnings call late on Wednesday.
Meta CFO David Wehner, however, said that some of the revenue decline is due to inflation.
In...
- 10/27/2022
- by Glamsham Bureau
- GlamSham
San Francisco, Oct 25 (Ians) In a sharp criticism of Meta CEO Mark Zuckerberg, a key long-term investor in the company has said that the social network needs to reduce more headcounts and stop spending too much on metaverse to get its “mojo back”.
In an open letter on Medium addressing Zuckerberg, Altimeter Capital Chair and CEO Brad Gerstner said that Meta needs to re-build confidence with investors, employees and the tech community in order to attract, inspire, and retain the best people in the world.
“In short, Meta needs to get fit and focused.”
On metaverse, he said that people are confused by what the metaverse even means.
“If the company were investing 1-2 billion per year into this project, then that confusion might not even be a problem. You would simply do R&d quietly and investors would focus on the core business and the breakthroughs in AI,” he noted.
In an open letter on Medium addressing Zuckerberg, Altimeter Capital Chair and CEO Brad Gerstner said that Meta needs to re-build confidence with investors, employees and the tech community in order to attract, inspire, and retain the best people in the world.
“In short, Meta needs to get fit and focused.”
On metaverse, he said that people are confused by what the metaverse even means.
“If the company were investing 1-2 billion per year into this project, then that confusion might not even be a problem. You would simply do R&d quietly and investors would focus on the core business and the breakthroughs in AI,” he noted.
- 10/25/2022
- by Glamsham Bureau
- GlamSham
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Meta shareholder Altimeter Capital has called on CEO Mark Zuckerberg to cut jobs and reduce spending in the metaverse in order for Meta to “get its mojo back.”
In an open letter shared on Monday and addressed to Zuckerberg, Altimeter CEO Brad Gerstner said Meta has “lost the confidence of investors” due to its lackluster financial earnings over the last year and recent pivot toward augmented and virtual reality. To get back on the right path, Gerstner said Meta must trim its staffing expenses by 20 percent by Jan. 1, cut its capital expenditure 30 billion to at least 25 billion and put a 5 billion yearly cap on its investments into the metaverse and Reality Labs.
“Like many other companies in a zero rate world,” Gerstner said, “Meta has drifted into the land of excess — too many people, too many ideas, too little urgency. This lack of...
Meta shareholder Altimeter Capital has called on CEO Mark Zuckerberg to cut jobs and reduce spending in the metaverse in order for Meta to “get its mojo back.”
In an open letter shared on Monday and addressed to Zuckerberg, Altimeter CEO Brad Gerstner said Meta has “lost the confidence of investors” due to its lackluster financial earnings over the last year and recent pivot toward augmented and virtual reality. To get back on the right path, Gerstner said Meta must trim its staffing expenses by 20 percent by Jan. 1, cut its capital expenditure 30 billion to at least 25 billion and put a 5 billion yearly cap on its investments into the metaverse and Reality Labs.
“Like many other companies in a zero rate world,” Gerstner said, “Meta has drifted into the land of excess — too many people, too many ideas, too little urgency. This lack of...
- 10/24/2022
- by J. Clara Chan
- The Hollywood Reporter - Movie News
While it remains in the Chapter 11 bankruptcy process, audio giant iHeartMedia has announced the members of its newly formulated board of directors, a group that includes former MGM boss Gary Barber and ex-Disney exec Jay Rasulo.
Noting that the board selections are subject to the approval of the company’s reorganization plan by the bankruptcy court, the company said the current board will continue to serve until iHeart emerges from Chapter 11.
New directors include Barber, who was abruptly ousted as head of MGM earlier this year but also had a notable run as a partner in production outfit Spyglass Entertainment; and Rasulo, who was CFO at Disney until exiting in 2015. They will join returning iHeart board members and execs Bob Pittman and Rich Bressler as well as three new additions with strong business backgrounds but much lower Hollywood quotients: Brad Gerstner, Sean Mahoney and Kamakshi Sivaramakrishnan.
“We are excited...
Noting that the board selections are subject to the approval of the company’s reorganization plan by the bankruptcy court, the company said the current board will continue to serve until iHeart emerges from Chapter 11.
New directors include Barber, who was abruptly ousted as head of MGM earlier this year but also had a notable run as a partner in production outfit Spyglass Entertainment; and Rasulo, who was CFO at Disney until exiting in 2015. They will join returning iHeart board members and execs Bob Pittman and Rich Bressler as well as three new additions with strong business backgrounds but much lower Hollywood quotients: Brad Gerstner, Sean Mahoney and Kamakshi Sivaramakrishnan.
“We are excited...
- 11/14/2018
- by Dade Hayes
- Deadline Film + TV
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