Meta’s stock price has dipped some 60% since last year. But in the last year, the company share price has shed some 60% of its value. But sales and revenue figures from recent quarters have flatlined, according to Zuckerberg.Īt its peak, Meta’s stock price approached $380 per share. The CEO noted that during the first 18 years of Facebook’s existence, the company saw rapid growth. “I had hoped the economy would have more clearly stabilized by now, but from what we’re seeing it doesn’t yet seem like it has, so we want to plan somewhat conservatively,” Zuckerberg was quoted by Bloomberg News as telling his charges. “I don’t see it spiraling in terms of cash flows in the next few years, but I’m just worried that they’re not winning the next generation,” Jeremy Bondy, the CEO of app marketing firm Liftoff, told CNBC.ĬEO Mark Zuckerberg on Thursday told his employees that Meta has instituted a hiring freeze due to fierce economic headwinds that have rattled the entire technology sector. While Facebook maintains a dominant position in the mobile advertising market, serious questions have been raised as to whether it can continue to grow - particularly in the face of fierce competition from ByteDance’s TikTok. “I’m not sure there’s a core business that works anymore at Facebook,” Needham analyst Laura Martin told CNBC on Friday. Wall Street analysts are bearish on Facebook’s parent company Meta as the social network continues to hemorrhage users migrating to upstart rival TikTok.
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