At Meta, Zuckerberg issues an austerity alert.

This year's second quarter saw a fall in sales for the tech company.

The co-founder of the social media behemoth Facebook and its parent firm Meta Platforms, Mark Zukerberg, stated on Wednesday that the US economy is in a downturn and that his company will soon have to make some cuts.

During the company's second-quarter earnings call, as Meta announced a greater decrease in revenue than anticipated, Zuckerberg said, "We seem to have entered an economic slump that will have a broad impact on the digital advertising market."

Zuckerberg said that the situation was "worse than it was a quarter ago" because of current inflation and rising loan rates and that the business will hire fewer people.

The value of the company's shares has decreased by over 50% since the start of the year, while second-quarter revenue decreased by roughly 1% from the same period last year.

"This period calls for greater intensity. I anticipate that we will accomplish more with fewer resources, the CEO stated on Wednesday.

Zuckerberg allegedly informed staff members earlier this month that "this might be one of the biggest downturns that we've seen in recent history."

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