Facebook-parent Meta Platforms will freeze hiring and further restructure in the wake of challenging business conditions.
“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,” Meta CEO Mark Zuckerberg told employees during a weekly Q&A session, Bloomberg News report said.
The US-based social media company had cut plans to hire engineers by at least 30 percent this year, Reuters reported in June.
Mark Zuckerberg also said on Thursday that Meta would reduce budgets across most teams and that individual teams will have to resolve how to handle headcount changes.
Mark Zuckerberg during the second-quarter earnings call already sent a warning signal indicating that there will be a reduction in headcount over the next year.
