Meta: On Thursday, September 29, Facebook parent company Meta told its employees that it will be freezing hiring in an effort to cut costs during these challenging economic times.
Mark Zuckerberg, CEO of Meta, reportedly announced a proposal to freeze hiring at a weekly all-hands meeting, saying that the move came as the social media giant wanted to decrease spending by at least 10%.
In a weekly meeting, according to Bloomberg, Zuckerberg said “I had hoped the economy would have more clearly stabilised by now, but from what we’re seeing it doesn’t yet seem like it has, so we want to plan somewhat conservatively.”
Some software companies have recently been compelled to make workforce reductions as advertisers cut spending in anticipation of an approaching recession. Along with that, Zuckerberg said on Thursday that most teams’ budgets at Meta would be reduced, and that it would be up to each team to decide how to handle headcount adjustments.
First decline in daily global usage
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However, Meta has long offered growth that appeared to be moving upward, and this time it has just registered its first decline in daily global usage. The capacity for personalization was constrained by the economic crisis and Apple’s data privacy laws, which forced advertisers to slash their marketing budgets. The business avoided mentioning Zuckerberg’s caution over a decline in staff over the following year during the second-quarter earnings call.
Though the firm announced overall hiring freezes in May, specific statistics had not yet been made public. Other online brands have also announced reductions in their workforce.
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