Facebook Announces Layoffs, Hiring Freezes and Jobs Rescinded - Stocks Slump - Recession 2022

the 2022 recession hiring freeze as this is the latest evidence advertising revenue growth for the social media giant is slowing.Show more

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As advertising revenue growth stalls, Meta Platforms Inc., the owner of Facebook and Instagram, told employees that it plans to implement a hiring freeze and restructure employee teams in the latest effort to trim costs, the 2022 recession continues to intensify reported Bloomberg.

A person in attendance during a company Q&A session said CEO Mark Zuckerberg announced the hiring freeze as this is the latest evidence advertising revenue growth for the social media giant is slowing. There's also the concern about waning activity among users.

"For the first 18 years of the company, we basically grew quickly basically every year, and then more recently our revenue has been flat to slightly down for the first time," Zuckerberg told staff Thursday.

"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," he added.

Last week, Meta began quietly cutting staff by reorganizing departments while giving 'reorganized' employees the ability to apply for other roles within the company, according to WSJ.

facebook hiring freezes - hiring freeze and mass layoffs | recession in 2022 | tech hiring in india. top tech companies facing hiring freezes, layoffs amid effort to cut costs.
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zuckerberg announces hiring freeze at meta. 🔴 layoffs, hiring freezes and jobs rescinded - what you need to know!

yahoo finance anchors david briggs rachelle akuffo and seana smith report tech companies like uber and facebook are turning to cost-cutting measures like hiring freezes and layoffs.
facebook stopped hiring?!