Facebook’s company, Meta, told employees on Thursday that it would freeze hiring to cut costs as it goes through tough economic times, The Wall Street Journal reported.

Meta CEO Mark Zuckerberg revealed plans to suspend hiring at a weekly all-hands meeting, citing the move as the social media giant plans to cut spending by at least 10 percent, according to The Wall Street Journal.

Meta declined to comment on the report, referring instead to AFP’s remarks Zuckerberg made in July, when the company reported its first quarterly revenue drop and profit slump.

Zuckerberg said on an earnings call that the team will be downsizing to “redistribute our energy” as it battles a volatile economy and the rise of TikTok.

Meta has long enjoyed seemingly endless upward growth, but earlier this year reported its first drop in global daily users.

Zuckerberg told analysts on the earnings call: “This is a time of greater intensity, and I hope we can get more done with fewer resources.”

The big tech platforms have been affected by the economic climate, which has forced advertisers to cut marketing budgets, while Apple’s data changes have reduced the scope for ad personalization.

Snap and e-commerce giant Amazon are among the tech companies to announce layoffs this year.

In July, Reuters reported that Meta had slashed plans to hire engineers this year by at least 30%. At the time, Meta CEO Mark Zuckerberg reportedly told employees that the company had lowered its hiring targets as he them to prepare for a severe recession. Zuckerberg said Meta has lowered its target for hiring engineers in 2022 to about 6,000-7,000 from its initial plan to hire about 10,000 new engineers.

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