On Thursday, Meta reported its first revenue decline in company history, owing to a drop in ad expenditure as the economy deteriorates and rival TikTok’s competition grows.
Mark Zuckerberg, the founder and CEO of Meta Platforms (formerly Facebook), has appointed Dave Wehner as chief strategy officer and Susan Li as chief financial officer, as part of significant changes to the tech giant’s top management team.
Zuckerberg announced the appointments in a Facebook post.
“I’d like to share a couple of updates to our company leadership that we’ve been working on for a few years and that I believe will help us better achieve our goals,” Zuckerberg wrote in a post congratulating Susan and Dave on their new roles.
“After ten years at Meta and 25 years in the technology sector, Dave has a unique understanding of industry and market dynamics on which I’ve come to rely – especially as our own opportunities, challenges, partnerships, and internal organization become more complex.” “According to Zuckerberg.
“Susan has been a key member of our finance team for 14 years, helping to take our company public in 2012, overseeing our business’s forecasting and budgeting, and proving herself a talented and dedicated leader.” “He continued.
In a recent report, the New York Times detailed how Zuckerberg was pushing his company through a tech transformation during a global economic slowdown.
On Thursday, Meta reported its first revenue decline in company history, owing to a drop in ad expenditure as the economy deteriorates and rival TikTok’s competition grows.
Profits of $6.69 billion, or $2.46 per share, were earned between April and June. This is a 36% decrease from the same period last year’s $10.39 billion, or $3.61 per share.
Revenue was $28.82 billion, a 1% decrease from $29.08 billion the previous year.
