Facebook parent company Meta to cut costs through hiring freeze

95
1
Facebook parent company Meta to cut costs through hiring freeze

Mark Zuckerberg warned employees Thursday that a hiring freeze and restructuring is coming to Facebook parent company Meta Platforms Inc.

Meta s META, Chief Executive and Co-founder, made an announcement during a Q&A session as the embattled owner of Facebook and Instagram tried to slash costs and prioritize the metaverse, according to a Bloomberg report.

Zuckerberg said that Meta, which is struggling with a decline in digital ads, is looking to reduce budgets across teams through attrition and layoffs. Other employees are likely to be moved to new teams.

A Meta spokeswoman declined to comment and referred to Zuckerberg's remarks during its last earnings call in July.

Our plan is to reduce headcount growth over the next year. Many teams are going to shrink so we can shift energy to other areas, and I wanted to give our leaders the freedom to decide where to double down, where to backfill attrition, and where to restructure teams while minimizing thrash to the long term initiatives, according to Zuckerberg during a conference call with analysts.

Meta shares are down 4% in the late-afternoon trading.