Meta Chief Executive Mark Zuckerberg on Thursday reportedly announced a hiring freeze and also warned of a restructuring and cost cutting for the Facebook parent. Meta stock fell.
According to a report from Bloomberg, the announcement was made during a weekly question-and-answer session with employees.
Meta stock dropped 3.7% to close at 136.41 on the stock market today.
Meta owns Facebook, Instagram and a number of other social media platforms.
Major Transition For Meta Stock
The hiring freeze and restructuring comes as Meta is undergoing a major business transition. The company is grappling with a slowdown in advertising that has hit almost all social media companies.
Zuckerberg will cut budgets across the board, according to Bloomberg.
Zuckerberg also said the freeze was necessary because "we want to make sure we're not adding people to teams where we don't expect to have roles next year," Zuckerberg explained.
Meta stock is down 60% this year.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
