Following the first quarterly revenue decline and lowering profit, Meta will free hiring to reduce costs, according to a new study

Following the first quarterly revenue decline and lowering profit, Meta will free hiring to reduce c ...

According to the Wall Street Journal, Facebook''s parent company Meta issued a statement on Thursday that it would postpone hiring in order to reduce costs.

According to the Journal, Meta CEO Mark Zuckerberg said during a weekly all-hands meeting there was a planned pause in hiring, implying that the move came as the social media titan planned to reduce expenses by at least 10 percent.

Meta canceled commenting on the report, referring to AFP''s remarks made in July, when the company reported its first quarterly revenue decrease and a downturn.

As he fought a turbulent economy and the rising trend of TikTok, Zuckerberg said during an earnings call that teams would shrink in order to "reallocate our energy."

Meta had long delivered upward growth that was seemingly endless, but it was reported early this year its first decline in global daily users.

During an earnings call, Zuckerberg said the period is going to be more intense. I expect our customers to achieve this by employing less resources.

  • Facebook Must Compensate Rohingyas Over Online Hate Speech, Amnesty Says

The economic climate has left large tech companies struggling, forcing advertisers to lower their marketing budgets, and Apple''s data privacy measures have shortened the scope for ad personalization.

Amazon and Snap are among the tech companies that have announced job cuts this year.

According to Reuters, Meta had reduced its hiring targets in 2022 to around 6,000 to 7,000, down from an initial plan to hire 10,000 new engineers.