By: Economic & Finance Report

Facebook parent (META: NASD) will be placing a hold on hiring for the rest of the 2022 calendar year and entering 2023. Mark Zuckerberg has already indicated that META: NASD will be a “smaller organization” in 2023. Much of this has to contribute to the fact that META is facing steep competition from other social media platforms, such as Tik Tok and YouTube. Revenues have also declined in 2022 for many companies in the technology sector. META: NASD was not the only company to feel the current “bear wrath”.

Zuckerberg has been indicated for months, since the beginning of 2022 that job cuts were coming and that more cuts would be blossoming if productivity by associates had not improved. He was stern on that warning. Budgets cuts have been discussed throughout the company for months and it seems that those discussions will be implemented going into 2023. -SB

Image Source: META-Facebook

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