Facebook parent Meta has slowed down the hiring process to cut costs. This has impacted the recruitment for the mid to senior-level positions, the company noted in a statement to the media.
According to reports, the key metric daily active users declined in the previous quarter for the first time but also bounced back a bit from 1.93 to 1.96 billion. Meta’s shares have lost nearly half their value in 2022.
Revenue grew by 7% in the quarter which happened for the first time in the ten years of history of Facebook after it became a public company, while the analysts expected 7.8% growth.
Commenting on the situation, Meta's spokesperson told the media, “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…However, we will continue to grow our workforce to ensure we focus on long term impact.”
Further adding to this, Chief Operating Officer, Sheryl Sandberg, said, “We think while these times are challenging, over the long run, we do have a very strong competitive advantage when you look across the opportunities advertisers have to advertise both offline and online.”