Last update: October 2, 2022, 12:36 IST

Meta continues to cut its workforce as business takes a hit

Facebook-owned Meta Platforms will freeze hiring and conduct further restructuring amid an uncertain macroeconomic environment.

(Reuters) – Facebook-owned Meta Platforms will freeze hiring and pursue further restructuring amid an uncertain macroeconomic environment, Bloomberg News reported on Thursday, citing CEO Mark Zuckerberg’s call with employees.

Several tech companies have been forced to cut staff in recent months as advertisers cut spending to prepare for an impending recession.

“I had hoped that the economy would have stabilized more clearly by now, but from what we’re seeing, that’s not the case, so we want to plan somewhat conservatively,” Zuckerberg told employees during Bloomberg’s weekly Q&A session. The news reported.

The social media company has cut plans to hire engineers by at least 30% this year, Reuters reported in June.

Zuckerberg also said Thursday that Meta will cut budgets at most teams and that individual teams will have to decide how to handle staffing changes, the report added.

Meta did not immediately respond to Reuters’ request for comment on Thursday.

In May, the company confirmed an overall hiring freeze, but exact numbers had not been previously disclosed.

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