Meta (formerly Facebook) has suspended hiring in several verticals such as stores and Messenger Kids, sparking fears of layoffs.

According to The Verge, Meta has frozen the rent for a number of products. The company has recently stopped recruiting for certain engineering positions as well as for low-level scientists.

Meta CEO Mark Zuckerberg, however, has allayed fears of losing his job at the company.

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“I can’t sit here and make a constant promise that as we change, we won’t have to reconsider this (job cuts),” Zuckerberg told staff during the meeting.

“Our expectations are not that we will have to do this. And instead, we are basically doing what we are gaining growth to levels that we think will be managed over time, ”he was quoted as saying in a report released late Wednesday.

According to the report, the freeze on hiring shows that these products are not profitable, as the share price of Meta has fallen by 43 percent this year.

“Product teams have already suffered from a technical freeze, including Facebook Dating and Gaming, Messenger Kids, the Commerce team and the Remote Presence team created during the pandemic,” the report said.

Now Meta is looking forward to its big raid on Metaverse and plans to invest $ 10 billion in the coming years.

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“As we noted in our recent earnings, we assess the key priorities of the entire company and devote energy, especially in that they relate to our core business and Reality Labs,” a Meta spokesman told The Verge.

Making a big bet on the metaverse and its platform for short video reels, Zuckerberg said during the company’s earnings report that it focuses on building a metaverse economy and helping creators make a living working in the metaverse.

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“We plan to launch a web version of Horizon later this year, which will allow people to easily move into the metaworld with many more platforms, even without the need for a headset,” he said.

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