Meta will halt hiring to reduce expenses

According to The Wall Street Journal, Facebook’s parent company, Meta, notified employees on Thursday that it will halt hiring in order to cut costs during the current economic downturn.

Mark Zuckerberg, CEO of Meta, announced a hiring freeze during a weekly all-hands meeting, according to the Wall Street Journal, as the social media giant planned to reduce expenses by at least 10%.

Meta declined to comment on the report and instead referred AFP to comments made by Mark Zuckerberg in July, when the company reported its first quarterly revenue decline and a precipitous profit decline.

During an earnings call, Zuckerberg stated that teams would be reduced in order to “reallocate our energy” as Facebook battled a turbulent economy and the rise of TikTok.

Meta’s global daily user count declined for the first time since the company’s inception, despite a history of seemingly endless growth.

During an earnings call, Zuckerberg told analysts, “This period requires greater intensity, and I expect us to accomplish more with fewer resources.”

Big tech platforms have been impacted by the economic climate, which is causing advertisers to reduce their marketing budgets, and Apple’s data privacy changes, which have diminished the scope for ad personalization.

Snap and e-commerce colossus Amazon is among the technology companies that have announced staff reductions this year.