New Delhi: Amid concerns such as inflation and slowing growth, social networking giant Facebook's parent Meta Platforms is looking to freeze hirings for the year as it aims to scale back costs, the media has reported. The company has also said that it will reduce hiring targets for the year. Earlier last week, Facebook, in its earnings call, had posted its slowest revenue growth since it went public.
Meta is mulling to slow the pace of hiring as it registered its weakest revenue growth on record and ongoing business challenges, such as Apple’s privacy changes and the ongoing war in Ukraine, according to a report published by CNBC. A company executive was quoted as saying in the report that Meta regularly re-evaluates its talent pipeline according to the business needs and in light of the expense guidance given for this earnings period, the firm was slowing its growth accordingly.
The Facebook parent is now aiming to slow down hiring for most senior-level and mid-level roles, after holding off on adding entry-level engineers in recent weeks, the report added citing a person familiar with the company’s plans.
Also read: YouTube Go App Shutting Down In August, Company Deems It 'Unnecessary'
Meta Platforms had registered its slowest revenue growth in the past decade post which CEO Mark Zuckerberg had said the company will cut down costs. but nearly every other key metric was a miss, including monthly active users. The company's revenue rose seven per cent in the quarter, marking the first time in Facebook's 10-year history as a public company, that growth has landed in single digits. Analysts were expecting 7.8 per cent growth.ysts were expecting 7.8 per cent growth.