Meta to freeze hiring as it battles a turbulent economy

As it endures tough economic times, Facebook-parent Meta is said to be freezing hiring to cut costs.

 

Meta chief Mark Zuckerberg revealed a planned pause in hiring during a weekly all-hands meeting, saying the move came as the social media titan planned to cut expenses by at least 10 per cent.

 

Declining to comment on the report, Meta instead referred to remarks Zuckerberg made in July when the company reported its first quarterly revenue drop and a plunging profit. Zuckerberg said during an earnings call that teams would shrink in order to “reallocate our energy” as it battled a turbulent economy and the rising phenomenon of TikTok.

 

Meta had long delivered seemingly endless upward growth. However it reported its first decline in global daily users early this year.

 

“This is a period that demands more intensity, and I expect us to get more done with fewer resources,” Zuckerberg told analysts during an earnings call.

 

Big tech platforms have been suffering from the economic climate, which is forcing advertisers to cut back on marketing budgets.