Meta Platforms Inc Chief Executive Mark Zuckerberg told staffers the world's biggest social media company had planned for growth too optimistically, mistakenly expecting that a bump in usage and revenue growth during COVID-19 lockdowns would be sustained.
The comments were more pointed than those Zuckerberg had delivered during an investor call the prior day, after Facebook-owner Meta recorded its first ever quarterly drop in revenue and forecast another fall to come in the third quarter. "It's always hard to predict how deep or how long these cycles will be, but I'd say that the situation seems worse than it did a quarter ago," he said.At the company meeting on Thursday, another employee asked Zuckerberg if senior managers at Meta had been"coasting," referencing an ongoing debate over the term since an executive this month told managers to"move to exit" any employees who were"coasting" or performing poorly.
The employee who raised the question then took to the comments section of an internal discussion board, writing that in his view Zuckerberg had not answered his question.
The company's cyclical, to self-innovation