Big tech is struggling. After its stock plummeted in February, Meta became the canary in the coal mine. The company is going to hire between 6,000 and 7,000 engineers this year, down from about 10,000 in the past.
There was an audio recording of a Q&A session between employees and Mark Zuckerberg. The CEO told employees that the downturn may be one of the worst in recent history.
The cuts on future engineers are the first firm numbers surrounding the slowed growth, according to a leaked Meta memo. The number of daily active users on Facebook had fallen for the first time in its 18-year history.
The squeeze is on for current employees, too, and that Meta wouldn't be filling many of the positions left open by those who leave the company. He said there are probably a lot of people who shouldn't be at the company.
According to the Zuck, Meta would be cracking down on performance. Some of you might decide that this place isn't for you if I raise expectations and have more aggressive goals.
In a memo sent to staff before the Q&A, Chris Cox, the company's chief product officer, wrote about Meta's need to "prioritize more ruthlessly."
We are in a tough spot and the winds are strong. In an environment of slower growth, teams shouldn't expect a lot of new engineers and budgets.
There is more than one person in the Silicon struggle. The tech companies have had a bad year. Some of the worst fiscal quarters in the company's history have been experienced by Microsoft. There have been hiring freezes at other big brands. Many small businesses have laid off a lot of their staff. The company announced 200 staff cuts. The company has been losing workers for a long time. In June, Bird cut 25% of its employees. That is not even close to the crash of thecryptocurrencies.
Lean times have been predicted by Meta. The company has spent most of the past couple of years heavily promoting its own poorly rendered version of Second Life where no one has legs.
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