"We believe the war introduced further volatility into an already uncertain macroeconomic landscape for advertisers." "We experienced a further deceleration in growth following the start of the Ukraine war due to the loss of revenue in Russia as well as a reduction in advertising demand both within Europe and outside the region," Wehner said on last week's earnings call. Still, the digital media business broadly is taking a hit due to macroeconomic concerns and Russia's invasion of Ukraine.
In February, Meta said its daily active users declined sequentially for the first time in the fourth quarter, though that number ticked back up in the first quarter of 2022. Struggles began to emerge last year as users abandoned Facebook's apps. Insider reported on the plans earlier, citing a memo from Wehner to employees. Recruiters have started pausing their efforts to fill certain roles, said the person. Meta intends to stop or slow hiring for most midlevel and senior-level roles, after holding off on adding entry-level engineers in recent weeks, according to a person familiar the company's plans. CFO David Wehner highlighted several issues facing the company, and said expenses for the year would be between $87 billion and $92 billion, down from a previous forecast of $90 billion to $95 billion. In its earnings report last week, Meta forecast a potential year-over-year revenue drop in the second quarter. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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