Meta implements a hiring freeze
The Facebook parent company is also reportedly cutting budgets
Evolution VC Partners founder Gregg Smith examines how the change in consumer behavior is impacting some Big Tech companies on 'Varney & Co.'
Meta Platforms, the parent company of Facebook, is reportedly implementing a hiring freeze.
CEO Mark Zuckerberg on Thursday informed employees during a weekly meeting that the tech giant would be pausing hiring, Bloomberg reported, citing an unnamed person who attended.
He said budgets for most teams would be cut, with some potential ways teams could adjust, including not replacing workers who leave or transferring employees elsewhere in the company, according to the outlet.
MARK ZUCKERBERG'S FORTUNE SHEDS $71B AS META PLATFORMS' STOCK STRUGGLES
Meta declined to comment on the matter, referring FOX Business to what Zuckerberg said about headcounts during the company's July earnings call.
Mark Zuckerberg, via video, speaks at the 2022 SXSW Conference and Festivals at the Austin Convention Center March 15, 2022, in Austin, Texas. (Samantha Burkardt/Getty Images for SXSW / Getty Images)
"Our plan is to steadily reduce headcount growth over the next year," Zuckerberg said then. "Many teams are going to shrink so we can shift energy to other areas, and I wanted to give our leaders the ability to decide within their teams where to double down, where to backfill attrition and where to restructure teams while minimizing thrash to the long-term initiatives."
META AND GOOGLE ARE CUTTING STAFF. JUST DON'T MENTION LAYOFFS
In July, Meta reported $28.8 billion in total revenue for the second quarter of 2022, compared to $29.08 billion in the same period last year. Its net income also narrowed from $10.39 billion to $6.69 billion.
A smartphone with Facebook's logo is seen with the new Meta logo in this illustration from Oct. 28, 2021. (Reuters/Dado Ruvic/Illustration / Reuters Photos)
Amid fears of a possible recession, numerous companies have announced in recent months that they would implement hiring slowdowns or pauses, including Snap Inc., Google and Apple.
THESE COMPANIES HAVE PAUSED HIRING OR LAID OFF EMPLOYEES
A spokesperson for Lyft confirmed to FOX Business Wednesday that the ride-share company would be halting U.S. hiring for the remainder of the year.
The news of Lyft's hiring freeze was first reported by the New York Post.