Meta Platforms Target WhatsApp and Messenger for Growth
Meta Platforms, Facebook’s parent company, expects WhatsApp and Messenger to drive the social media company’s revenue growth.
That’s what CEO Mark Zuckerberg told employees to alleviate concerns about Meta’s financial situation following the company’s recent mass layoffs.
Meta Platforms recently announced that it would cut more than 11,000 jobs worldwide. That amounts to 13 percent of all jobs at the company. The group, which also owns Instagram, is suffering from advertisers spending less money on online advertising and higher costs due to higher interest rates and high inflation.
Meta development costs have increased significantly in recent years.
This is mainly due to Zuckerberg’s plan to fully invest in the Metaverse, a virtual biosphere where people can work, play games or visit concerts, for example. That project has already cost billions and does not yet generate any income for the company.