Meta Platforms has halted hiring and issued a restructuring warning
Bloomberg News claimed on Thursday that Facebook parent company Meta Platforms would stop hiring and further restructure in light of the uncertain financial circumstances, citing a message from Facebook CEO Mark Zuckerberg to workers.
As businesses cut costs in anticipation of a recession, several software firms have had to lay off employees in recent months.
According to Bloomberg News, at a weekly Q&A session with staff, Zuckerberg said, “I had hoped the economy would have more clearly stabilized by now, but from what we’re seeing it doesn’t yet seem like it has, so we want to plan somewhat conservatively,”
In June, Reuters reported that the social media business has slashed its planned engineering hires by at least 30 percent for the year.
Moreover, Zuckerberg reportedly stated on Thursday that Meta will lower budgets for most teams and that individual teams would need to figure out how to handle headcount changes.
Meta did not provide a response to the Bloomberg article. In the second quarter results call, the business mentioned Zuckerberg’s prediction of layoffs in the coming year.
It was stated by the corporation in general terms in May that they would be putting a halt to hiring, but specific numbers were not disclosed.