Facebook parent company Meta plans to freeze hiring as it deals with economic strains, Bloomberg reported Sept. 29.
Meta will also cut expenses and realign departments, and the company will likely be smaller next year, CEO Mark Zuckerberg told employees in remarks reviewed by the news outlet.
"I had hoped the economy would have more clearly stabilized by now," Mr. Zuckerberg said, according to Bloomberg. "But from what we're seeing it doesn't yet seem like it has, so we want to plan somewhat conservatively."
A Meta spokesperson declined to comment to the news outlet.