Meta Platforms said it would be slowing the growth in the number of employees as the Facebook parent looks to control its costs.
Meta Platforms has added over 5,800 new hires in Q1 2022, the majority in technical functions. Meta Platforms ended the first quarter with over 77,800 full-time employees, up 28 percent compared to last year.
Meta Platforms’ G&A increased 45 percent, driven mainly by legal-related costs and employee-related costs.
Meta Platforms earlier said Q1 total expenses were $19.4 billion, up 31 percent compared to last year. Cost of revenue increased 17 percent, driven primarily by core infrastructure investments, payments to partners and content-related costs.
R&D expenses rose 48 percent, mainly driven by hiring to support Family of Apps and Reality Labs. Marketing & Sales increased 16 percent, mainly driven by hiring of employees and marketing spend.
“We regularly re-evaluate our talent pipeline according to our business needs and in light of the expense guidance given for this earnings period, we are slowing its growth accordingly,” a Meta spokesperson said in an e-mailed statement.
Business Insider, citing an internal note to employees, reported that the company was lowering hiring targets and had temporarily stopped hiring for the remainder of the year.
Meta Platforms last week recorded its slowest revenue growth in a decade, with Chief Executive Officer Mark Zuckerberg also saying the company would scale back costs.
Meta Platforms’ Q1 total revenue was $27.9 billion, up 7 percent or 10 percent on a constant currency basis.