I got this wrong, and I take responsibility for that," he said. "Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I'd expected.
Unfortunately, this did not play out the way I expected. I did too, so I made the decision to significantly increase our investments. Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. "At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth.
The buck for the job cuts stops with Zuck, he said in his blog post this morning – who else he thought it might have stopped with isn't clear.
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