The company’s chief executive had signaled for several months that he wanted to rein in costs as he shifts attention toward the metaverse.
In May, Mark Zuckerberg, Meta’s chief executive, froze hiring for engineers and low-level data scientists.
In July, Mr. Zuckerberg warned employees to buckle up for an “intense period” of 18 to 24 months, and asked managers to start identifying weak performers.
This week, he told his employees that the company would freeze hiring and reduce budgets across most teams at Meta, leading to layoffs in parts of the company that have previously seen unchecked growth.
It was the most recent sign of trouble for the company previously called Facebook. For years, Meta reported record growth, impressing its investors with its ability to exceed financial forecasts and deliver revenue. But this year’s quarterly earnings reports have been less rosy, as Meta grapples with upheaval in the global economy as well as competitive and regulatory threats.
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This article was written by Sheera Frenkel for The New York Times.
