Facebook parent Meta slows hiring in cost-cutting push

FACEBOOK parent company Meta Platforms is slowing or pausing hiring for some mid-to senior-level positions, part of a broader plan to cut costs and cope with the challenges facing the social media giant.

"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," Meta said in a statement Wednesday (May 4). "However, we will continue to grow our workforce to ensure we focus on long-term impact."

The move follows a generally upbeat earnings report last week - with the Facebook platform returning to user growth - but the company warned that the Ukraine war was weighing on sales. Meta said at the time that it would be reining in its spending plans for the year in light of a weaker revenue outlook.

That marks a reversal from rapid staffing growth in recent years. Meta chief financial officer Dave Wehner had said in February that the company expected "accelerated headcount" to be the biggest contributor to expense growth in 2022, and the company added more than 5,800 new hires in the first quarter. But last week's revision to its spending budget is now affecting hiring plans.

Meta, based in Menlo Park, California, had more than 77,800 employees at the end of March. That was up more than 28 per cent from a year earlier.

Insider first reported on Meta's plans to slow hiring. BLOOMBERG