Meta to ‘institute hiring freeze, reduce headcount’

In brief

Meta is freezing hiring and will restructure teams, including by reducing headcount, according to a report by Bloomberg.

CEO Mark Zuckerberg reportedly told employees that the company would be smaller next year at a weekly internal Q&A meeting.

In July, Meta reported its first ever decline in revenue, on top of other missed expectations, as competition from TikTok crowded out use of Meta’s properties and Apple’s privacy changes took a bite out of the company’s ad revenue.