Zuckerberg also said on Thursday that Meta would reduce budgets for most teams and that each team would have to decide how to handle changes in headcount.
Meta Platforms, which is owned by Facebook, will stop hiring and do more restructuring because of the uncertain macroeconomic situation, Bloomberg News reported Thursday, citing a message from CEO Mark Zuckerberg to employees. In the past few months, several tech companies have had to lay off workers because advertisers are cutting back on spending to prepare for a coming recession.
“I had hoped the economy would have stabilized more clearly by now, but from what we can see, it doesn’t look like it has yet,” Zuckerberg told employees during a weekly Q&A session, as reported by Bloomberg News.
In June, Reuters said that the social media company had cut its plans to hire engineers by at least 30% this year. Thursday, Zuckerberg also said that Meta would cut budgets for most teams and that each team would have to figure out how to handle changes in headcount.
Meta didn’t say anything about the Bloomberg report. In its second-quarter earnings call, the company talked about Zuckerberg’s warning that the number of employees would be cut over the next year.
In May, the company said that they were putting a freeze on hiring, but they didn’t give exact numbers.
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