Mark Zuckerberg says Meta will ‘keep things lean,’ going big in AI with a lid on hiring
Meta's CEO, Mark Zuckerberg, plans to keep things simple and not hire too many new people.
In 2023, they focused on being more efficient and cut down their workforce by 22%, impressing investors.
In the last quarter of the year, Meta's sales went up by 25%, reaching $40.1 billion, and their profit skyrocketed to $14 billion.
Meta's stock value almost tripled in 2023, making it the second-best in the S&P 500.
Zuckerberg is keen on investing in artificial intelligence (AI) with Nvidia chips to build a powerful computing infrastructure.
Thanks to cost-cutting, Meta can now buy back $50 billion worth of shares and pay a quarterly dividend of 50 cents.
They expect their total expenses for the year to be between $94 billion and $99 billion, with increased spending on capital.
Despite being financially healthy, Zuckerberg wants to keep hiring to a minimum, focusing on technical roles.
Reality Labs, working on virtual and augmented reality, is expected to face increased losses, but Meta believes in the potential of the metaverse.
Zuckerberg is confident in the metaverse as the future of computing, despite ongoing losses in Reality Labs.
Major cost cuts have given Meta flexibility for long-term goals, allowing strategic investments.
1. Zuckerberg plans to stick with a simple approach even beyond 2024, seeing it as the right cultural and operational choice.