Meta Forced To Reduce Headcount And Hiring As Revenue Falls

There will be a hiring freeze and other cost-cutting measures in the near future.

In the second quarter of this year, Facebook's parent company saw its revenue fall for the first time in the history of the business.

Meta is still a huge moneymaker despite the slight yearly decline. The company reported $28.6 billion in revenue.

Teams at Meta should expect reduced budgets due to the downturn.

"I had hoped the economy would have more clearlystabilized by now, but from what we're seeing it doesn't seem like it has, so we want to plan conservatively."

For the first 18 years of the company's existence, we grew quickly and then revenue was flat for the first time.

Declining digital ad revenue and competition from upstarts like TikTok are cutting into Meta's bottom line at the same time as Facebook tries to shift focus to the metaverse.

The stock fell on Thursday. The stock is down from its peak.