You can’t control when a recession hits. But although tech platforms like Alphabet Inc. and Snap Inc. are slimming down to cope with the global economic rout, Meta Platforms Inc.’s own restructuring couldn’t come at a worse time for the firm.
Meta CEO Mark Zuckerberg told staff on Thursday to expect job cuts and a smaller company overall in 2023. He is currently grappling with the blow to advertising revenue wrought by Apple Inc.’s privacy restrictions, which could cost the company an estimated £14 billion ($15.4 billion) in ad sales this year. The company is also grappling to build a TikTok competitor, while pivoting to virtual reality in what could be the biggest strategic misfire in Facebook’s history.