After starting the day at a deficit, Facebook picked up momentum after announcing several new products at its f8 developer conference, including the Mobile Ad Network.
Facebook’s stock has picked up around 2.8 percent after announcing its mobile ad network. According to TechCrunch, this new network will allow the site to grow network without cluttering the site and apps with more ads.
With this new network, the site will have the ability to target users across the apps that they use while targeting them based on the information they have shared with Facebook.
“I’m really excited about this Audience Network,” Mark Zuckerberg told developers during its F8 conference. “This is really the first time that we’re going to help you monetize in a serious way on mobile.”
The company is also looking into linking apps to one another without sending users to the web.
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Job cuts in government, technology and retail led the way as U.S. employers announced the largest number of cuts in one month since May 2020.
Among the 275,240 job cuts announced in March, 216,215 were in government, 15,055 were in technology and 11,709 were in retail, Challenger, Gray & Christmas said in a report released Thursday (April 3).
“Job cut announcements were dominated last month by Department of Government Efficiency (DOGE) plans to eliminate positions in the federal government,” Andrew Challenger, senior vice president and workplace expert for Challenger, Gray & Christmas, said in the report. “It would have otherwise been a fairly quiet month for layoffs.”
The total number of job cuts made in March was more than three times the 90,309 cuts announced in March 2024, according to the report.
By sector, compared to March 2024, government job cuts were almost six times higher, technology cuts were about 6% higher and retail cuts were nearly twice as high, per the report.
All the government job cuts made in March occurred in the federal government, the report said.
The top reason employers gave for cutting jobs in March was “DOGE impact,” which was cited for 216,670 of the month’s cuts, according to the report.
Other common reasons included store, unit or department closing, to which 17,666 job cuts were attributed, and market/economic conditions, which accounted for 11,594 cuts, per the report.
Challenger, Gray & Christmas also said in the report that employers are planning to hire fewer workers than they were a year ago. Companies’ hiring plans dropped by about 37%, from 21,102 in March 2024 to 13,198 in March 2025, according to the report.
The specter of uncertain job security may accelerate a spending pullback that is already in motion, PYMNTS reported Wednesday (April 2). Consumer confidence that was already shaken may have been further impacted by the Bureau of Labor Statistics’ latest snapshot of the labor market released Tuesday (April 1), which found that the labor market slowed in February, with a decline in job openings over the past year.
The Conference Board reported March 25 that consumer confidence slipped for the fourth straight month in March, due in part to a plunge in consumers’ short-term outlook for income, business and labor market conditions.
