According to internal notes seen by Business InsiderMeta reduced its hiring targets and stopped hiring some roles completely for the rest of the year.

The unprecedented recruitment break began a few weeks ago with entry-level engineers and has been extended to most mid-level and senior-level roles.

This comes after Meta released a profit forecast that predicts a drop in revenue in the second quarter of this year.

Shares of Meta recently rose 26% in February after a fourth-quarter earnings report and jumped 18% in April, when earnings were better than expected. Meta shares are currently trading about 40% lower than last September’s highs and down 34% year-over-year.

Meta’s current challenges include the continuing effects of Apple’s changes to Apple’s privacy settings, the disruption of its Facebook mobile app, people who spend less time online as the pandemic weakens, and the insecurity caused by the intrusion. of Russia in Ukraine.

“We have experienced a further slowdown since the start of the war in Ukraine due to the loss of revenue in Russia, as well as declining demand for advertising both in Europe and abroad,” CFO David Venner said during a conversation about profits last week. .

“We believe that the war has brought additional instability to the already uncertain macroeconomic landscape for advertisers.

In addition, Meta’s attempts to launch the metaverse have so far proved to be a sinking of money, losing $ 2.9 billion in the first quarter.

Wehner said the company was still “in a strong position” and that the revenue came from monetizing Although a short video service and the inclusion of AI in the ad serving system will soon appear online. He added that the freeze on hiring would help Meta focus on priorities.

“In practice, this is a valuable coercive function to make sure we prioritize more effectively and we all work on the most important things,” he said in an inside note.

The last time the company introduced a rental freeze was at the beginning of the pandemic.

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