Facebook and Instagram's parent company, Meta Platforms Inc., announced that it will halt hiring and reorganise some teams in an effort to save expenses and refocus its efforts.
Chief Executive Officer Mark Zuckerberg made the announcement of the social networking company's freeze at a weekly Q&A session with staff.
Even teams that are expanding would see budget cuts, he continued, and each team would determine how to handle headcount adjustments.
Whether that meant not filling vacant positions, moving workers to other teams, or trying to "manage out people who aren't successful.
The starkest admission that advertising revenue growth is slowing in the face of increased competition for consumers' attention comes from Meta's additional cost reduction and employment freeze.
This year, Meta said that it would postpone offering full-time jobs to summer interns and would slow hiring for certain management positions.
As of June 30, Meta employed more than 83,500 people, and the second quarter saw 5,700 additional hiring. By the end of 2023, the corporation, according to Zuckerberg, would be "slightly smaller."