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Meta Platforms halts hiring and issues a restructuring warning

CEO Mark Zuckerberg

According to a statement from CEO Mark Zuckerberg to staff, in light of the hazy macroeconomic environment, Facebook-parent Meta Platforms will halt hiring and continue restructuring.

As advertisers cut spending to get ready for an impending recession, some tech companies have been compelled to reduce headcount in recent months.

“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,” Zuckerberg told employees during a weekly Q&A session.

According to a Reuters article from June, the social media company had reduced its plans to hire engineers by at least 30% this year.

Additionally, according to the story, Zuckerberg indicated on Thursday that Meta will cut budgets for the majority of teams and that each team would have to decide how to manage headcount adjustments.

Meta chose not to respond to the Bloomberg article. In the second-quarter earnings call, the company referred to Zuckerberg’s warning about a drop in headcount over the following year.

In May, the corporation confirmed hiring freezes in general; however, precise numbers were not previously disclosed.

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