Meta Slows Down Facebook’s Hiring Process After App Faces Slow Growth Amid Inflation Concerns

The parent company of Facebook is bracing for an unpredictable future for the app after seeing a fall in growth, coupled with uncontrollable inflation concerns.

Meta has reportedly taken a bold step that’s designed keeping future challenges in mind and that’s why it has now decided to put a temporary halt on the fast hiring pace of employees for the company.

Meta claims that its recent progress report delineated how the app has experienced probably one of its weakest growth periods yet in terms of revenue. Keeping in mind the number of other business challenges like the ongoing conflict in Ukraine and Apple’s controversial privacy policies, Meta says the app needs to make changes for its betterment.

One spokesperson from the company recently gave some insights to CNBC where it was revealed how hard Meta works to re-evaluate their talent potential in light of its business demands. And for this period, the stumping growth is another reason why they need to think through their decision-making for a prosperous future.

Last week, we saw Meta release Facebook’s earnings and that’s where they delineated how there was a prominent drop in revenue for Q2. Moreover, the company’s CFO also highlighted how the company was currently facing a number of issues. Therefore, he predicted how the firm would now be seeing a drop in its expenses to help combat this change, with estimates lying between $90 billion to $ 95 billion.

Facebook will soon stop the hiring process for a number of leading positions, mostly those related to mid-level or senior-level positions. Therefore, that’s why recruiters have been informed to put a stop to their hiring efforts for a certain number of positions, as revealed by CFO David Wehner.

The report was revealed at an earlier time by Insider which cited a memo that the CFO had sent out to all of the company’s employees.

The real struggle is said to have started last year when a large number of users began abandoning a number of Facebook apps. In February of this year, Meta stated for the first time how there was a decline in users during Q4. But we did see the figures go up in Q1 of 2022.

But it’s not a major shock to plenty as so many digital businesses have been impacted thanks to the Russian war against Ukraine and other major business concerns.

Wehner elaborated how the company saw a massive fall in growth, moments after the war in Ukraine began. After all, there was a huge loss of revenue in countries like Russia, followed by declining demands for advertising in Europe too.

As Wehner mentioned, the far added an added element of uncertainty and also put forward uncertain macroeconomic issues for all advertising stakeholders.

Another major concern had to do with Apple’s change in privacy that the tech giant introduced on all of its iOS devices in 2021. Meta says it’s already made predictions of how the move will hurt Facebook by reducing its revenue further by nearly $10 billion by the end of the year.

This comes at a time when we see Facebook’s shares falling in the market, at least 34% below the predictions anticipated for the year.

Read next: Mark Zuckerberg Is Optimistic About His Company’s Future As Meta Unveils Next-Gen VR Headset
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