Artemis Investment Limited - A Sudden Decline in Advertising META Stock

Companies in the IT industry have reported tens of thousands of layoffs in the sector so far in 2016. Concerns about economic weakness, fears of a recession, and rising interest rates are other contributing factors.
ADMIRALTY, Hong Kong - May 25, 2023 - PRLog -- The rapid decline in digital advertising has been particularly damaging to Facebook and other social media businesses. Facebook is investing billions on the uncertain "metaverse" at this time. The metaverse is an unproven virtual reality setting.

Meta laid off 11,000 workers (or 13% of the workforce) in November and another 10,000 workers (or 8% of the workforce) in March. Since the business announced layoffs in November, Meta stock has increased by 136%. Zuckerberg has already declared 2023 to be a "year of efficiency" for the struggling social media giant.

Like other social media outlets, Meta is seeing the effects of advertisers pulling back owing to macroeconomic uncertainty.

Over-hiring in the IT sector, which began around 2020, has led to a wave of layoffs. After the prospect of the Covid-19 epidemic subsided, many in the technology industry anticipated a shopping frenzy on the part of customers.

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Cherry Hwuang
Marketing Director

Artemis Investment Limited
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