Facebook parent to slow hiring as costs mount
A man stands in front of a sign of Meta at its headquarters in Menlo Park, California, U.S. October 28, 2021. REUTERS/Carlos Barria
Meta Platforms Inc (FB.O) is slowing the growth of its workforce as the Facebook parent looks to rein in costs, the company said on Wednesday.
"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 an e-mailed statement.
Business Insider, citing an internal note to employees, reported that the company was lowering hiring targets and had temporarily stopped hiring for the remainder of the year.
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Meta Platforms last week recorded its slowest revenue growth in a decade, with Chief Executive Officer Mark Zuckerberg also saying the company would scale back costs.
