comes at a bad time for the Facebook parent. While the social network had problems under its departing chief operating officer, it at least had a business model and a top-tier executive who could sell it to investors. Both of those will be hard for co-founder Mark Zuckerberg, whose ambitions lie in more abstract directions, to replace.
Since Sandberg started at the then-startup in 2008, Facebook has grown prodigiously – from $272 million of revenue then to $118 billion last year. That’s mostly down to selling advertising. Sandberg had previously been in charge of online sales at Alphabet’s Google before she joined. She also helped Facebook navigate a boycott by major companies like Ford Motor and Adidas in 2020 without revenue shrinking, and the hit from Covid-19. Facebook is now just behind Google for U.S. online ad market share at about 24%, according to eMarketer.
But challenges have mounted under her watch. First, that ad engine is already slowing. MoffettNathanson reckons Google’s online ad sales will increase 16% this year, while Facebook is expected to squeak by with 2%. The company has slowed hiring and investment and faces increasing competition – both for ads and users – from Chinese-owned TikTok. Sandberg and Zuckerberg failed to stop the platform being used for foreign interference in U.S.
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