Meta CEO Zuckerberg was still lamenting on the company's worst revenue drop for the past years. However, the tech boss appears to have plans as the social media giant moves forward from its declining stock price during 2021.
According to the tycoon, the platform should put more emphasis on innovating Facebook's short-video products which are similar to what TikTok offers.
Meta CEO Wants Short Videos to be the Main Foci
According to a report by Bloomberg earlier this week, an anonymous source who attended the Meta-wide virtual meeting last time revealed the main reason why the company's stocks sharply dropped during Q4 2021.
The person who chose not to be named said that the "weak forecast" for the company caused Meta to suffer from a billion-dollar loss during the said quarter.
With that, Zuckerberg has cleared his thoughts for the meantime and said that the company should focus more on improving its short-video products.
In addition, the social media head told the investors and employees that Meta was currently facing an "unprecedented level of competition" with other firms. The most common example of it was TikTok which was now reaping rewards from its Reels feature.
The said feature shares some similarities with the Instagram app. With that, Zuckerberg noted that it should be the one that needs to be prioritized as soon as possible.
Related Article: Meta's $10 Billion Loss in 2021 Shows Facebook Spending Massive Amounts to Look for Next Stage of Growth
The Fallout of Meta Stocks
Upon witnessing the sudden $250 billion revenue drop of the company in just a day, some workers thought of the outcome. Other people were thinking of investing in the dip during the fiasco in order to gain an upper hand when the stocks shoot up in the future.
Somehow, there are still individuals who doubt that Zuckerberg's metaverse dream might be affected by the revenue drop. At the same time, Meta CEO's net worth reportedly declined by $31 billion.
According to some people who are familiar with the situation, the continued decline might mean something for Zuckerberg's wealth.
At this point, the company is evaluating its steps to avoid another round of stock drop. In addition, Meta is weighing the options to extend the current holiday weekends for three days.
Zuckerberg wanted to prioritize the health of his staff by allowing them to take vacation leaves. Based on his own experience, working four days a week will not bear productive results for an employee.
In another report by Livemint, if Zuckerberg wanted to regain the number of daily active users on the platform, they must believe in the Metaverse. In fear of experiencing another decline in the count, the people should immediately pick up with the trend made by the company.
Whether it's a short-video product or another feature, the company should rely on continuous innovation to present new things to the consumers.
No Facebook and Instagram in Europe?
Meanwhile, Tech Times reported that Meta warned users in Europe in the latest report. According to the social media giant, it will stop operating across the region if data-sharing won't be allowed.
If data-sharing will not be allowed, Meta will be affected on its targeted ad business.
Read Also: Facebook User Numbers Experience First-Ever Drop; Meta Also Feeling The Heat
This article is owned by Tech Times
Written by Joseph Henry
