Meta is limiting its intake of new employees to cut costs due to weak revenue forecasts.
Several tech companies recently announced hiring freezes and layoffs, such as Facebook’s parent company, Meta Platforms ( META Quick Quote META - Free Report), Twitter ( TWTR Quick Quote TWTR - Free Report) and Microsoft ( MSFT Quick Quote MSFT - Free Report) This development comes after IT companies, crypto exchanges and financial firms cut out jobs and slowed down the hiring process due to slow global economic growth caused by higher interest rates, rising inflation and an energy crisis in Europe. As of the end of June 2022, the social messaging and media company had 6,446 full-time employees, up 38% year over year. The company is also reportedly planning a wave of layoffs as part of broader cost-cutting efforts. Shares of the company have fallen 72.7% in the year-to-date period compared with the Zacks Internet-Software industry’s decline of 53.3% and the Zacks Computer and Technology sector’s decrease of 32.3% in the said time frame. SNAP second-quarter results reflected a decrease in advertising demand as advertisers continue to face supply-chain disruptions and labor shortages amid steady user growth. Quote Snap Battles Poor Ad Revenues, Challenging Macro Environment Man Who Called Black Monday: “Prepare Now.Snap Inc. Stock Prodigy Who Found NIO at $2… Says Buy THIS Now The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines. On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. However, the ShiftPixy Labs website notes that it is “coming soon.” A solid date for ShiftPixy Labs’ metaverse excursion has not been announced yet.While losses decreased by $62.5 million compared to the prior year, ShiftPixy remains unprofitable.That was up an impressive 171% year-0ver-year (YOY). 31, ShiftPixy reported revenue of $14.8 million. Due to PIXY stock’s low share float, prices may be easily manipulated.In addition, the float lies at 12.76 million shares. ShiftPixy carries a minuscule market capitalization of $37 million.The company’s human capital management system helps workers with compliance and regulatory policies, such as paid time off (PTO) and worker’s compensation.ShiftPixy’s core business engages in workforce management, helping businesses with shift-based employees to navigate regulatory mandates and handle administrative provisions.PIXY Stock: 7 Things to Know About the Penny Stock So, with all that said, let’s dive into seven facts that investors should know about ShiftPixy and PIXY stock. Consumers like ghost kitchens because it provides more choices for them to select from, or at least the illusion of choices. Basically, a ghost kitchen rents space in order to sell food on delivery apps like Grubhub (NASDAQ: GRUB) and DoorDash (NYSE: DASH). However, the operator does not own the physical space, nor is any sign displayed outside the storefront that indicates that it is a ghost kitchen. A ghost kitchen is a physical space for an operator to provide food to customers. This loyalty program will be geared toward ghost kitchens, such as Nacho Nukes, Dude Rudy and Bunny Grub. ShiftPixy Labs will provide a loyalty program to “immerse our consumer into augmented and mixed reality experiences that will test every tradition and legacy in consumer marketing.” ShiftPixy Lab’s official Twitter (NYSE: TWTR) account has been posting updates about the endeavor as well. The new venture will be led by ShiftPixy Labs, a subsidiary of the company. So, why is PIXY stock up today? In a surprising twist of events, the company recently announced that it would be taking steps to enter the metaverse.