Meta will slow down its hiring following its falling revenue growth and other recent roadblocks.
During an earnings call last week, Meta predicted that it may see a year-over-year revenue drop during the second quarter, citing issues in declining userships, Apple’s stricter privacy policies, and the ongoing 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,” said a Meta spokesperson. “However, we will continue to grow our workforce to ensure we focus on long-term impact.”
According to a person familiar with the slowdown, Meta plans to halt or reduce hiring for mid-level and senior-level roles after pausing entry-level engineer positions recently.
Meta revealed that Facebook’s daily active users fell during the fourth quarter of 2021, which led to its valuation to tumble. While it has since seen a slight uptick in users, the company still warns that the ongoing war in Ukraine is impacting their revenue stream.
“We experienced a further deceleration in growth following the start of the Ukraine war due to the loss of revenue in Russia as well as a reduction in advertising demand both within Europe and outside the region,” said David Wehner, chief financial officer of Meta during the earnings call. “We believe the war introduced further volatility into an already uncertain macroeconomic landscape for advertisers.”