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☆ Mark Zuckerberg is tired of playing by Apple's rules
▼ + stars: | 2024-07-24 | by ( Jaures Yip | ) www.businessinsider.com time to read: +4 min

Read previewMark Zuckerberg sounds tired of having to navigate Apple's restrictions. "One of my formative experiences has been building our services constrained by what Apple will let us build on their platforms," Zuckerberg wrote. Zuckerberg expanded on his critique of Apple in an interview with AI news YouTuber Rowan Cheung, also published Tuesday. "Compared to the Apple approach of coupling your operating system with the device, the Windows approach was a more open ecosystem," he said. AdvertisementAnd Zuckerberg hopes Meta will also be on the winning side.

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☆ Meta CEO Mark Zuckerberg makes a U-turn on metaverse spending as Reality Labs is hit with a new 'efficiency' mantra
▼ + stars: | 2023-02-02 | by ( Kali Hays | ) www.businessinsider.com time to read: +4 min

Metaverse spending will continue, although "we're constantly shifting how we execute," he said. The Reality Labs division, tasked with building the metaverse, lost $13.7 billion this year, according to Wednesday's disclosure. Still, Reality Labs would be subject to the same push for efficiency as other parts of the company, Zuckerberg said. David Wehner, the then-CFO who is now chief strategy officer, said spending on the Reality Labs division would increase "significantly" in 2023. Such boasting of the metaverse and the Reality Labs division was nowhere to be found during Wednesday's discussion of the year ahead.

☆ Meta is moving out of two of its fancy New York offices as Mark Zuckerberg's cost-cutting measures continue
▼ + stars: | 2022-12-01 | by ( Aaron Mok | ) www.businessinsider.com time to read: +3 min

Meta's move to return its office space is part of CEO Mark Zuckerberg's plan to cut costs. "The past few years have brought new possibilities around the role of the office," Meta spokesperson Tracy Clayton told Insider. 30 Hudson Yards is a glass skyscraper over 100 stories high, with outdoor terraces and panoramic views of the Hudson River. Meta will keep its office space at 50 Hudson Yards. Meta will also keep the office space it leased in 2020 at the James A. Farley Building in midtown Manhattan.

☆ What our Big Tech holdings signaled on expenses and hiring this earnings season
▼ + stars: | 2022-10-31 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +11 min

We want to see that happen with the Club's holdings, so we paid close attention to what management teams at our Big Tech stocks signaled on costs during this mixed earnings season. Head count grew by 22% on an annual basis, 6 percentage points of which was due to acquisitions that closed in the prior two quarters. "Our sequential head count growth from Q1 to Q2 will be minimal. ... We've added a lot of head count over the past 12 months, and we want to make sure we use those head count in the most productive way possible," Hood said this week. "We are holding some teams flat in terms of head count, shrinking others, and investing head count growth only in our highest priorities," Wehner said.

☆ Meta has pumped $36 billion into its metaverse and VR businesses since 2019. These 4 charts show the scale of its extreme spending — and huge losses.
▼ + stars: | 2022-10-29 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Meta has pumped $36 billion into its Reality Labs division since 2019, an Insider analysis found. The division, comprising Meta's metaverse and VR businesses, made a $30.7 billion operating loss over the same period. "We do anticipate that Reality Labs operating losses in 2023 will grow significantly year-over-year," CFO David Wehner said. Grace Dean/InsiderCosts and expenses for Reality Labs amounted to $12.5 billion for the full-year 2021, and the division brought in $2.3 billion revenue. And despite the ballooning losses at Reality Labs, Zuckerberg said Wednesday he's "pretty confident" the company is heading "in a good direction."

☆ Meta says it's laying off staff and easing off hiring to reduce costs – but will keep pumping billions into Mark Zuckerberg's metaverse
▼ + stars: | 2022-10-27 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Meta is cutting hiring and laying off staff to trim costs, CFO David Wehner said Wednesday. But Meta will continue pumping billions into its metaverse business, execs said Wednesday. Meta expects its headcount to remain roughly flat between now and the end of 2023, Wehner said. "We do anticipate that Reality Labs operating losses in 2023 will grow significantly year-over-year," Wehner said. Meta has been under pressure from Wall Street to reduce spending, especially on its metaverse projects.

☆ Mark Zuckerberg says he's 'pretty confident' Meta is heading in a 'good direction' as stock crashes 20% after huge earnings miss
▼ + stars: | 2022-10-27 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Mark Zuckerberg said Wednesday he was "pretty confident" Meta is heading "in a good direction." He spoke after Meta's third-quarter earnings missed Wall Street's forecasts and its stock crashed 20%. Meta's third-quarter net income crashed 52% year-on-year, to $4.4 billion, as R&D costs jumped 45% largely because of the company's investments in the metaverse. The scale of Meta's metaverse investments are being closely scrutinized by investors who are concerned they're detracting from the company's core social-media businesses, such as Facebook and Instagram. Reality Labs, which handles Oculus and everything metaverse-related, reported third-quarter revenue of just $285 million – a drop of almost half compared with the same period in 2021.

☆ Facebook's identity crisis is costing Zuckerberg billions, and he's ok with it
▼ + stars: | 2022-10-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Meta expects "significantly" higher losses for the Reality Labs unit handling the development of the metaverse. CEO Mark Zuckerberg said on Wednesday that investors who are patient will "end up being rewarded." Meta's share price slumped nearly 20% to $104.30 in after-hours trade, following its earnings announcement. Sign up for our newsletter for the latest tech news and scoops — delivered daily to your inbox. But it's a "pretty wide portfolio" with other initiatives, such as a social metaverse platform, Zuckerberg added.

☆ Meta posts second-ever quarterly revenue decline and hints at cost cutting efforts
▼ + stars: | 2022-10-26 | by ( Clare Duffy | ) edition.cnn.com time to read: +3 min

For the three months ended in September, Meta (FB) posted revenue of $27.7 billion, down 4% year-over-year and slightly above Wall Street analysts’ expectations. The Facebook parent company posted its first-ever quarterly revenue decline during the June quarter. The company reported net income of nearly $4.4 billion — less than half the amount it made during the same period in the prior year and below analysts’ projections. Meta reported having 2.96 billion monthly active users on its core Facebook app at the end of the quarter, up 2% year-over-year. “We are holding some teams at in terms of headcount, shrinking others and investing headcount growth only in our highest priorities,” Wehner said.

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