Meta, owner of Facebook and Instagram, has decided to halt hiring and will take further steps to restructure teams and reduce company expensesAs reported by CEO Marck Zuckerberg during a weekly meeting with employees, the economic media says this Friday.

Zuckerberg warned Meta. As of June 30, it had more than 83,500 employees and hired 5,700 people in the second quarter.In 2023 it will be a smaller company.

“I was hoping the economy would stabilize more clearly by now. But from what we’ve seen, it doesn’t look like that yet, so we want to plan somewhat conservatively,” he told workers as he made the announcement, according to US media.

Zuckerberg, in the company’s first 18 years, grew rapidly every year“and more recently, our income has been steady or slightly reduced for the first time.”

Last week, The Wall Street Journal Meta’s Planned to reduce expenses by at least 10% in the coming monthsmade its first major budget cut since its establishment in 2004.

Although the company still plans to hire “thousands” in 2023, the plan includes an internal restructuring and significant reductions in certain teams, according to an internal message sent to employees by the company’s chief of staff, Lori Goler. The newspaper gained access after meeting with Zuckerberg.

Goler also warned in his message: company’s 2023 budget will be “too tight” for all teams and said that stopping the contract would allow to focus on important projects.

The communication also details that Meta will no longer automatically cover vacancies and that internal transfers will no longer be made. prevent people from occupying positions that can change.

The tech giant has been adjusting its staffing plans for months after it announced in May that changes to its ad tracking, introduced by Apple last year, will cost around $10 billion this year.

Moreover faces challenges as a result of increased competition for users from competitorsespecially TikTok.