As revenue growth slows, Facebook decides to reduce hiring

Due to Apple’s secret changes, the war in Ukraine, and widespread economic changes, parent company Facebook sees challenges ahead. The company decided to suspend or slow down the hiring of central and senior executives. Mark Zuckerberg, co-founder and CEO of Facebook, testified before the House Business Services Committee on Capitol Hill on October 23, 2019 in Washington, DC. Zuckerberg testified about Facebook’s proposed cryptocurrency Libra, how its company will handle false and misleading information from political leaders during the 2020 campaign, and how it protects the data and privacy of its users.

Facebook co-founder and CEO Mark Zuckerberg testified before the House Business Services Committee at the Rayburn Center on Capitol Hill Oct. 23, 2019 in Washington, DC. Zuckerberg testified about Facebook’s proposed cryptocurrency Libra, how its company will handle false and misleading information by political leaders during the 2020 campaign and how it handles its user data and privacy. Chip Somodevilla | Getty Images News | Getty Images. Three Facebook parents are slowing down the hiring process as it deals with its weak revenue growth on record and ongoing business challenges, such as Apple privacy changes and the war in Ukraine.

“We are constantly reviewing the potential of our talent according to our business needs and in light of the financial direction given for this asset period, we have slowed its growth accordingly,” a Meta spokesman told CNBC in an email on Thursday. , we will continue to grow our workforce to ensure we address long-term impact. ”

In its earnings report last week, Meta predicted a significant year-over-year decline in the second quarter. CFO David Wehner highlighted many of the issues facing the company, and said that spending for the year would be between $ 87 billion and $ 92 billion, down from the previous forecast of $ 90 billion to $ 95 billion.

Three decided to stop or slow down hiring for more intermediate and higher level effects, after holding off on adding entry level machines in recent weeks, according to someone familiar with the company’s ideas. Employees have begun delaying their efforts to fill certain roles, the person said. Insider reported on the previous ideas, citing a note from Wehner to staff.

Fighting began to emerge last year as users abandoned Facebook applications. In February, Meta reported that active daily users were out of stock for the first time in the fourth quarter, although that number had recovered in the first quarter of 2022. However, the digital media business is broadly gaining traction due to system concerns macroeconomic issues and Russia. invasion of Ukraine.

“We are experiencing a further decline in development following the start of the Ukraine war due to the loss of revenue in Russia as a reduction in advertising demand both within Europe and outside the region,” Wehner said on last week’s asset call. “We believe the war marks a further shift to an previously uncertain economic landscape for advertisers.”

Wehner also told investors that Apple’s privacy changes introduced on its iOS devices last year would hurt growth, after the company predicted the transfer would reduce revenue this year by $ 10 billion.

On Wednesday, the Federal Reserve raised its benchmark interest rate by half a percent in an effort to tackle the 40-year high. Markets move higher, as Fed Chair Jerome Powell points out that central bank is unlikely to cause larger hikes in the future.

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