Meta Platforms Inc., the owner of Facebook and Instagram, said it will freeze hiring and restructure some teams in an effort to cut costs and shift priorities.
CEO Mark Zuckerberg announced the social networking company’s freeze during a weekly Q&A session with employees, according to a person in attendance. He added that the company would reduce budgets across most teams, even teams that are growing, and that individual teams will sort out how to handle headcount changes—whether that means not filling roles that employees depart, shifting people to other teams, or working to “manage out people who aren't succeeding,” according to remarks reviewed by Bloomberg.
“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 said. A Meta spokesperson declined to comment.