(CNN) — Meta said Thursday it is cutting back on hiring.
“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,” said a statement provided by Meta spokesperson Andrea Beasley. The company still plans to “grow our workforce to ensure we focus on long term impact,” the statement said.
Although the company last week lowered its estimate for its full-year expenses by about $3 billion, Zuckerberg warned investors that Meta planned to slow the pace of some investments because of its current challenging growth prospects. On the call, Zuckerberg discussed how the company would be focusing on several key areas of investment, such as short-form video and the immersive, future form of the internet the company calls the “metaverse.”
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