Meta Platforms Temporarily Halts Recruitment and Warns of Restructuring

Meta Platforms Temporarily Halts Recruitment and Warns of Restructuring

Meta Platforms will freeze hiring and another restructuring amid the uncertain macroeconomic situations.

Bloomberg News reported Thursday, citing CEO Mark Zuckerberg’s communications with employees, that Facebook’s parent company Meta Platforms will freeze hiring and restructuring amid an uncertain macroeconomic situation.

Many tech companies have been forced to reduce their workforce in recent months as advertisers cut spending in preparation for a looming recession.

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“I was hoping the economy would stabilize more clearly now, but from what we’re seeing it doesn’t seem like it has happened yet, so we want to plan a little conservatively,” Zuckerberg told employees during a weekly question. Answers session, Bloomberg. reported the news.

Reuters reported in June that the social media company had cut its plans to hire engineers by at least 30% this year.

Zuckerberg also said Thursday that Meta will cut budgets across most teams and that individual teams will have to figure out how to handle personnel changes, the report added.

Meta declined to comment on the Bloomberg report. The company cited Zuckerberg’s warning about downsizing over the next year in its second-quarter earnings call.

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The company had confirmed the hiring freeze in broad terms in May, but exact numbers had not been previously reported.

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