Meta Platforms pauses hiring, warns of restructuring

Facebook-parent Meta Platforms (META.O) will freeze hiring and further restructure amid an uncertain macroeconomic situation, Bloomberg News reported on Thursday, quoting Chief Executive Mark Zuckerberg's communication with employees.

Several tech companies have been forced to slash headcount in recent months as advertisers trim spending to prepare for a looming recession. read more

"I had hoped the economy would have more clearly stabilized by now, but from what we're seeing it doesn't yet seem like it has, so we want to plan somewhat conservatively," Zuckerberg told employees during a weekly Q&A session, Bloomberg News reported.

The social media company had cut plans to hire engineers by at least 30% this year, Reuters reported in June. read more

Zuckerberg also said on Thursday that Meta would reduce budgets across most teams and that individual teams will have to resolve how to handle headcount changes, the report added.

Meta declined to comment on Bloomberg report. The company referred to Zuckerberg's warning of reduction in headcount over the next year in the second-quarter earnings call.

The company had confirmed hiring freezes in broad terms in May, but exact figures have not previously been reported.