Last Update: October 02, 2022, 12:36 IST
Meta continues to shift its workforce as business takes a hit
The Facebook-parent meta platform will halt hiring and further restructuring amid the uncertain macroeconomic situation.
(Reuters) – The Facebook-parent meta platform will halt hiring and further restructuring amid an uncertain macroeconomic situation, Bloomberg News reported on Thursday, citing Chief Executive Mark Zuckerberg’s communication with employees.
Many tech companies have been forced to cut workforce in recent months as advertisers cut spending to prepare for the recession.
During Bloomberg’s weekly Q&A session, Zuckerberg told employees, “I would have expected the economy to be more markedly stable by now, but what we’re seeing doesn’t seem like it yet, so we’re going to be somewhat Conservatives want to plan.” News reported.
The social media company had cut plans to hire engineers by at least 30% this year, Reuters reported in June.
Zuckerberg also said on Thursday that META will slash the budgets of most teams and that individual teams will have to decide how to handle the change in headcount, the report said.
Meta did not immediately respond to a Reuters request for comment on Thursday.
The company had widely confirmed the hiring of freezes back in May, but exact figures have not been previously disclosed.
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