Meta Pulls The Breaks On Further Hires Amid Financial Difficulties
The tech giant Meta have sent a inside memo to all employees which reveals that they plan to slow down the hiring process for the next few months as a result of its slowed growth in revenues which was revealed in the company’s previous financial quarterly report.
Meta had already showed their intentions as they had stopped hiring entry level engineers during the last few weeks.
While the company’s earnings were actually better than what they initially thought, things were still in rough waters for the Facebook and Instagram parent company, as it has been heavily affected by multiple factors, including the war in Ukraine, the raising competition by TikTok and the changes in privacy settings on the Apple Store.
Just that last factor alone is expected to cost Meta close to $14 billion in revenue, with the iPhone creator limiting the access to user data via its platform and not giving Facebook the ability to send targeted ads to its users.
According to Meta’s chief financial officer David Wehner the company “…experienced a further deceleration in growth following the start of the Ukraine war due to the loss of revenue in Russia as well as a reduction in advertising demand both within Europe and outside the region.”
Wehner also stressed via the memos that the hiring freeze should last at least until the end of the year, affecting most teams throughout the company.
A Meta representative pointed out in a statement: “We regularly re-evaluate our talent pipeline according to our business needs and in light of the expense guidance given for this earnings period, we are slowing its growth accordingly. However, we will continue to grow our workforce to ensure we focus on long-term impact.”
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