Facebook-parent Meta put out word to employees that it will freeze
hiring to cut costs as it endures tough economic times, The Wall
Street Journal reported. Meta 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 percent. Meta 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. Zuckerberg said during an earnings call
that teams would shrink in order to "reallocate our energy" as it battled
a turbulent economy and the rising phenomenon of TikTok. Meta had
long delivered seemingly endless upward growth but reported early this
year its first decline in global daily users. "This is a period that demands
more intensity, and I expect us to get more done with fewer resources,"
Zuckerberg told analysts during an earnings call. Big tech platforms have
been suffering from the economic climate, which is forcing advertisers to
cut back on marketing budgets, and Apple's data privacy changes, which
have reduced leeway for ad personalization. Snap and e-commerce
colossus Amazon are among tech firms that have announced workforce cuts this year.