Photo by Anthony Quintano on Flickr.com
One of the biggest IT companies in the world, Meta, was unable to avoid the impact of the financial crisis. According to a report by Bloomberg, the corporation is temporarily pausing new employment.
The Covid-19 outbreak and the worldwide chip crisis have exposed a new danger for IT businesses. Technology businesses started to see significant effects of global inflation and the energy crises. According to a report by Bloomberg, Meta has decided to cease hiring new employees.
The corporation will cut back on the team’s budget.
The corporation will cut back on the team’s budget.
According to reports from CNBC and Bloomberg, Meta scaled back its hiring of new employees in May. Bloomberg now reports that Meta has fully ceased hiring new employees. In addition, the article claims that Mark Zuckerberg has informed staff members of the company that more reduction and restructuring may be necessary due to the economy’s insufficient stabilization.
Additionally, according to the study, Meta ceases using temporary workers to cover for workers on leave and imposes budget cuts for corporate teams. When Engadget attempted to contact Meta about the situation, the company failed to offer any more details. For the first time in recent months, the company’s quarterly revenues decreased. It appears that Meta will experience a challenging scenario in the near future.
