Facebook Announces Plan to Slash Company Hiring Amid Revenue Growth Slump

Dado Ruvic/Reuters

The company formerly known as Facebook, now called Meta, plans to slow hiring amid slumping revenue, CNBC reported Wednesday. In an email to the publication, Meta acknowledged the slowing of growth at the social media behemoth. “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,” a Meta spokesperson said in a statement to CNBC. “However, we will continue to grow our workforce to ensure we focus on long-term impact.” The news follows the company reporting a slowdown in growth, citing the ongoing conflict between Russia and Ukraine while forecasting a second-quarter revenue drop.

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SOURCE: The Daily Beast – Zachary Petrizzo