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Facebook reduces hiring as revenue growth slows

The war in Ukrainerising inflation and broader macroeconomic changes are challenges that make firms technology The US must review its personnel recruitment plan.

According to CNBC, Meta, the parent company of Facebookis slowing hiring as the company’s revenue growth is at its weakest in history and challenges business objective outside the world is taking place.

“We regularly reassess human capital according to business needs and based on the cost guidance given for this earnings period. We’re slowing down the hiring pace. However, we will continue to grow our workforce to ensure we are focused on the long-term impact,” a Meta spokesperson wrote in an email on May 4.

Facebook reduces hiring because revenue growth slows - Photo 1

Facebook plans to stop or delay hiring for most mid- and senior-level roles

Reuters

In its earnings report last week, Meta forecast that full-year revenue is likely to decline in the second quarter of 2022. Meta CFO David Wehner highlighted some of the problems the company is facing and said spending for the year will be between $87 and $92 billion, down from a previous forecast of $90 to $95 billion.

According to a person familiar with the matter, Meta plans to stop or slow hiring for most mid- and senior-level roles, after stopping adding senior engineers in recent weeks. Difficulties began to surface last year when users abandoned Facebook’s apps. In February 2022, Meta reported that daily active users fell for the first time in a row in the fourth quarter of 2021, although that number gradually increased again in the first quarter of 2022.

In general, the digital media business is also affected by concerns about macroeconomics and the war situation between Russia and Ukraine. “We experienced a further slowdown in growth after Russia started planning military aimed at Ukraine, due to loss of revenue in Russia as well as reduced demand for advertising both in Europe and outside the region. We believe the conflict has posed significant volatility to the already uncertain macroeconomic landscape for advertisers,” Wehner said in earnings last week.

Besides, Mr. Wehner also reiterated to investors that privacy changes that Apple implemented on iOS devices last year will hurt revenue growth, after predicting the move would slash Meta’s revenue this year by $10 billion.

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