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☆ Facebook parent Meta forecasts quarterly revenue above estimates
  + stars: | 2023-07-26 | by ( Katie Paul Yuvraj Malik | Katie Paul | Yuvraj Malik | ) www.reuters.com   time to read: +1 min
July 26 (Reuters) - Meta Platforms (META.O) forecast third-quarter revenue above market expectations on Wednesday, sending shares up on the suggestion that it anticipated higher ad spending as a result of an improving macroeconomic environment. The company expects July-September revenue in the range of $32 billion to $34.5 billion, compared with analysts' average estimate of $31.30 billion, according to Refinitiv data. Meta also beat second-quarter revenue estimates. Revenue grew 11% to $32 billion in the quarter ended June, compared to analysts' average estimate of $31.12 billion. Reporting by Katie Paul in New York and Yuvraj Malik in Bengaluru; Editing by Arun Koyyur and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.
Persons: Mark Zuckerberg, Katie Paul, Yuvraj Malik, Arun Koyyur, Matthew Lewis Organizations: Meta, Revenue, Thomson Locations: New York, Bengaluru
☆ Meta lays off tech teams, battering employee morale
  + stars: | 2023-04-19 | by ( Katie Paul Yuvraj Malik | Katie Paul | Yuvraj Malik | ) www.reuters.com   time to read: +2 min
Meta in March became the first Big Tech company to announce a second round of mass layoffs, which it said would take place in three main batches over several months and impact 10,000 employees. Wednesday's cuts, though expected, prompted expressions of frustration from Meta employees. Layoffs were the subject of the most popular questions posted on an internal company forum on Wednesday ahead of an upcoming employee town hall. "You've shattered the morale and confidence in leadership of many high performers who work with intensity. The question references comments Zuckerberg made last year urging employees to work with more "intensity" to meet the Facebook and Instagram parent company's business challenges.
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