Meta To Halt Hiring To Save Money
The Wall Street Journal claimed that Facebook parent company Meta informed its staff on Thursday that it would be freezing hiring in an effort to reduce expenses during these difficult economic times.
The Journal reported that Mark Zuckerberg, the head of Meta, announced a planned freeze in recruiting during a weekly all-hands meeting, adding that the decision came as the social media juggernaut planned to slash costs by at least 10%.
When the business revealed its first quarterly revenue fall and a plummeting profit in July, Meta declined to comment on the issue and instead pointed AFP to comments Zuckerberg made at the time.
In order to “reallocate our resources,” according to Zuckerberg, teams would be reduced as the company battled a shaky economy and the growing TikTok phenomenon.
Although Meta had long provided growth that seemed to go on forever, it just recorded its first global daily user decrease.
During an earnings call, Zuckerberg told analysts, “This is an era that needs more focus, and I want us to get more done with fewer resources.”
The economic downturn, which is causing advertisers to trim their marketing budgets, and Apple’s data privacy regulations, which have limited the scope for ad personalization, have been bad for big internet platforms.
E-commerce behemoth Snap Several internet companies, including Amazon, have announced layoffs this year.
