CEO Mark Zuckerberg warned employees on Thursday that Facebook owner Meta Platforms Inc (META) has lowered its engineers hiring target by at least 30 percent this year.
META- Mark Zuckerberg
Zuckerberg told employees at a weekly question-and-answer session, "If I had to bet, I'd say that this might be one of the worst downturns that we've seen in recent history."
According to Zuckerberg, Meta has lowered its engineering hiring objective for 2022 from its original plan of approximately 10k new engineers to about 6k or 7k.
He added, the company is keeping some specific positions unfilled to address performance management and "turning up the heat" to remove employees who can’t achieve their more violent targets.
Zuckerberg said, "Realistically, there are probably a bunch of people at the company who shouldn't be here."
Tech and social media company is preparing to streamline in the 2nd half of this year as it grapples with macroeconomic pressure and privacy shocks in the ad business.
Meta social media company shed about half its value this year after Meta described its first quarterly decline in daily active users of its flagship app Facebook.
According to Cox, interest in Reels, Meta's TikTok-style short video products, is growing rapidly, with Reels doubling each year in both the US and globally.