Facebook parent company Meta Platforms to freeze hiring, restructure

102
1
Facebook parent company Meta Platforms to freeze hiring, restructure

In an uncertain macroeconomic situation, Facebook-parent Meta Platforms will freeze hiring and further restructure, according to Bloomberg News on Thursday, and Chief Executive Mark Zuckerberg's communication with employees.

In recent months, a number of tech companies have had to slash headcount as advertisers trim spending in order to prepare for a recession.

I had hoped that the economy would have more clearly stabilized by now, but from what we're seeing it doesn't seem like it does, so we want to plan conservatively, Zuckerberg told employees at a weekly Q&A session, Bloomberg News reported.

The social media company had cut its plans to hire at least 30% this year, according to a report in June.

Zuckerberg said on Thursday that Meta would reduce budgets across most teams and that individual teams will have to decide how to handle headcount changes.

Meta didn't want to comment on the Bloomberg report. The second quarter earnings call was referred to by Zuckerberg as he warned of a reduction in headcount over the next year.

The company had confirmed hiring freezes in broad terms in May, but exact figures have not previously been reported.