After a year in which the company’s quarterly income shrank for the first time, ads—Meta’s lifeblood—have been given additional opportunities to profit from them. For example, the business recorded ad revenue of $31.25 billion for the fourth quarter of 2022, down from $32.64 billion for the same quarter in 2021. Also declining from $114.93 billion in 2021 to $113.64 billion in 2022 was its ad revenue year over year. In November, Meta made its first-ever mass layoffs and let more than 11,000 employees go. Meta has been drastically tightening its belt in recent months. Recently, Meta’s CEO Mark Zuckerberg revealed that the business will lay off an additional 10,000 employees and restructure its divisions in April and May.
