Facebook parent to slow hiring as costs mount

(Reuters) – Meta Platforms Inc is slowing the growth of its workforce as the Facebook parent looks to rein in costs, the company said on Wednesday.

“We regularly re-evaluate our talent pipeline according to our business needs and in light of the expense guidance given for this earnings period, we are slowing its growth accordingly,” a Meta spokesperson said in an e-mailed statement.

Business Insider, citing an internal note to employees, reported that the company was lowering hiring targets and had temporarily stopped hiring for the remainder of the year.

Meta Platforms last week recorded its slowest revenue growth in a decade, with Chief Executive Officer Mark Zuckerberg also saying the company would scale back costs.

(Reporting by Praveen Paramasivam and Tiyashi Datta in Bengaluru; Editing by Anil D’Silva)