Facebook parent company Meta said it will freeze hiring to cut costs as it faces tough economic times, The Wall Street Journal reported. Meta CEO Mark Zuckerberg revealed the planned hiring hiatus during the weekly staff meeting. He said the move was necessary at a time when the social media titan plans to cut spending by at least 10%.
During the earnings call, Zuckerberg said teams will be shrinking to “reallocate our energy.” Meta has long enjoyed seemingly endless upward growth, but earlier this year saw its first drop in global daily users. “This is a period that requires more intensity, and I expect us to do more with fewer resources,” Zuckerberg told analysts on an earnings call. The big tech platforms are suffering from the economic climate, which is forcing advertisers to cut their marketing budgets, and Apple’s privacy changes, which have reduced the ability to personalize ads.