Meta is planning to freeze hiring and restructure teams within the company. According to a Bloomberg report, the company has plans to cut down costs, including the teams it recently invested in.

“I had hoped the economy would have more clearly stabilised by now, but from what we are seeing it doesn’t yet seem like it has, so we want to plan somewhat conservatively,” Mark Zuckerberg told the employees in an internal call.

The CEO of Meta is said to have left the headcount decisions in the hands of team leads.

The company’s revenue dropped by one per cent (y-o-y) in the April-May quarter.

“Given the continued trends, this is even more of a focus now than it was last quarter,” Zuckerberg said. According to a TechCrunch report, Zuckerberg signalled that the company was in leaner times.

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