What is the clearest statement so far! Zuckerberg announces Meta will freeze hiring, cut costs first


Financial Associated Press, September 30 (Editor Zhou Ziyi) Facebook parent company Meta announced on Thursday that it will freeze hiring and reorganize some teams to cut costs and adjust priorities.


  Meta CEO Mark Zuckerberg announced the decision during a weekly Q&A session. The speech was arguably the firm's clearest statement yet: Meta will further cut costs and freeze hiring amid growing competition and slowing ad revenue.


  The company will cut budgets for most teams, even those that are growing, according to one of the people who attended the meeting. Some media commented that reorganizing the team may mean the adjustment and transfer of personnel within the company, and the dismissal of those who lag behind.


  It can be seen that Meta is trying to avoid using the word "layoff" as much as possible.


  Zuckerberg said, "I would have expected the economy to stabilize more noticeably so far, but it doesn't seem to be the case so far, so we want to plan conservatively to a degree."


  Earlier notice


  Meta earlier this year said it planned to slow hiring for some management positions and delay the release of full-time jobs to summer interns.


  Zuckerberg warned in July that Meta would "steadily reduce headcount growth" and downsize some of its teams to focus on other areas of focus, such as Reels, the Metaverse, and more.


  Meta plans to cut spending by 10% in the coming months, according to an insider last week. Looking at it now, this may be a prelude to the announcement of a hiring freeze and team restructuring.


  The person also said that "reorganized" employees can apply for positions within the company within 30 days, and if a new position is not found within a month, the employee will be fired.


  Meta outlook is not optimistic


  Since the beginning of this year, the situation of Meta Company is not optimistic, and the revenue and profit of the second quarter financial report both declined. Some analysts predict that the company's third-quarter revenue will decline again.


  Meta shares have continued to fall this year, down 59.4%, and are currently trading at $136.41 per share.


  In addition, the latest data shows that Zuckerberg’s assets have dropped to $57.7 billion, and he has fallen out of the top 10 of the Forbes list of America’s richest people.


  After Zuckerberg's announcement, Meta's shares closed at $136.41 per share on Thursday, down 3.67 percent.

 source: https://www.sina.com.cn/

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