Facebook Inc. (FB) saw a drop in both stock price and employee morale over the past year. According to a report by The Wall Street Journal, an internal survey taken by around 29,000 employees revealed that the overall workplace sentiment had turned bleaker compared to a year ago.
The overall favorability score saw a drop to 70% from 73% last year. Only 52% of employees seem optimistic about the company’s future, indicating a 32% drop from 84% last year. Last year, 87% of employees said they were proud to work at Facebook. This number dropped to 70% in the current year. 53% said Facebook was making the world a better place, down 19% from last year.
On average, employees said they planned to work at Facebook for another 3.9 years, which is down from 4.3 years last year. Around 12% of employees intend to stay less than a year. However, not all is bad news. 81% of employees said it was important to fulfil Facebook’s mission of building the community and bringing the world closer. This number stayed flat compared to a year ago.
The report also stated that there was frustration among employees over Facebook’s focus on growth and lack of innovation. There was also concern that other divisions were not given the same importance as the main Facebook platform.
In general, Facebook has had a tough year with issues related to data privacy and security, content and top management. The company witnessed the exits of the founders of its Instagram and WhatsApp divisions over the past year. These matters have taken a toll on the stock price which has plunged several times this year.
Facebook’s stock is down 21% year-to-date and over the past one month, the stock has dropped 7%. As of 3 pm ET, the stock is up 1.7%.
Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips.
Most Popular
Microsoft (MSFT) reports higher revenue and profit for Q3 2024
Microsoft Corp. (NASDAQ: MSFT) on Thursday said its third-quarter 2024 earnings increased year-over-year, reflecting strong performance by the tech giant’s main operating segments. Third-quarter revenues came in at $61.86 billion,
GOOG, GOOGL Earnings: All you need to know about Alphabet’s Q1 2024 earnings results
Alphabet Inc. (NASDAQ: GOOG, GOOGL) reported its first quarter 2024 earnings results today. Revenues increased 15% year-over-year to $80.5 billion. Revenue growth was 16% in constant currency. Net income was
MRK Earnings: Merck Q1 2024 profit jumps on 9% revenue growth
Pharmaceutical company Merck & Co. Inc. (NYSE: MRK) reported a sharp increase in adjusted earnings for the first quarter of 2024, aided by an increase in revenues. First-quarter worldwide sales