Meta annual sales dropped to 1% to $116.6 billion in 2022, while Facebook’s daily user base surpassed two billion for the first time. The social media behemoth recorded revenues of $32.17 billion. In the fourth quarter, net income fell to $4.65 billion, or $1.76 per share, from $10.29 billion, or $3.67 per share, a year earlier. Meta revealed a $5 billion cost reduction, reducing its planned $94 billion to around $89 billion.

As Meta annual sales dropped in 2022, they are revealing this information for the first time since 2012. CEO Mark Zuckerberg stated the company will be more proactive in cutting expenses and being efficient, while simultaneously announcing a $40 billion share repurchase. Meta reported a 20% year-over-year rise in headcount to 86,482 as of December 31. This figure represented a sizable portion of the 11,000 employees laid off by the corporation in November.

On the company’s earnings call, Zuckerberg also declared 2023 will be the ‘year of efficiency.’ He highlighted the emphasis on efficiency as part of the company’s natural growth, calling it a “phase change” for a corporation that once lived by the mantra “move fast and break stuff.” “For the first 18 years, we just grew so quickly,” Zuckerberg stated on a conference call. “When you’re growing at that rate, it’s difficult to focus on efficiency. I just think we’re in a different situation now, “He went on to say.

The findings come against the backdrop of recent layoffs at major technology businesses. The layoff wave has swept through major technology businesses like Amazon, Microsoft, and Alphabet, Google’s parent company.

According to the tracking site Layoffs.fyi, 256 tech companies have fired off 82,769 employees as of 2023.