Facebook parent Meta is slowing the pace of hiring as it reckons with its weakest revenue growth on record and ongoing business challenges, such as Apple’s privacy changes and the war in Ukraine.
“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 told CNBC in an email on Wednesday. “However, we will continue to grow our workforce to ensure we focus on long-term impact.”
In its earnings report last week, Meta forecast a potential year-over-year revenue drop in the second quarter. CFO David Wehner highlighted several issues facing the company, and said expenses for the year would be between $87 billion and $92 billion, down from a previous forecast of $90 billion to $95 billion.
Meta intends to stop or slow hiring for most midlevel and senior-level roles, after holding off on adding entry-level engineers in recent weeks, according to a person familiar the company’s plans. Recruiters have started pausing their efforts to fill certain roles, said the person.