Facebook-parent Meta put out word to employees on Thursday that it will freeze hiring to cut costs as it endures tough economic times, The Wall Street Journal reported.
\nMeta chief Mark Zuckerberg revealed a planned pause in hiring during a weekly all-hands meeting, the Journal reported, saying the move came as the social media titan planned to cut expenses by at least 10 per cent.
\nMeta declined to comment on the report, instead referring AFP to remarks Zuckerberg made in July when the company reported its first quarterly revenue drop and a plunging profit.
\nZuckerberg said during an earnings call that teams would shrink in order to \u201creallocate our energy\u201d as it battled a turbulent economy and the rising phenomenon of TikTok.
\nMeta had long delivered seemingly endless upward growth, but reported early this year its first decline in global daily users.
\n\u201cThis is a period that demands more intensity, and I expect us to get more done with fewer resources,\u201d Zuckerberg told analysts during an earnings call.
\nBig tech platforms have been suffering from the economic climate, which is forcing advertisers to cut back on marketing budgets, and Apple\u2019s data privacy changes, which have reduced leeway for ad personalisation.
\nSnap and e-commerce colossus Amazon are among tech firms that have announced workforce cuts this year.<\/p>\n","protected":false},"excerpt":{"rendered":"
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