facebook warns staff growth to decelerate

Facebook's stock has dropped 40% in just six months as it faces advertising challenges kicked off by Apple's privacy changes and deepened by Russia's invasion of Ukraine. Tech stocks have seen a widespread downturn amid inflation and fears of a recession. Goler's memo directed managers to build high-performing teams, ruthlessly prioritize, and make the most of synchronous and asynchronous time with teams, according to an employee who viewed the memo.Įmployees and investors will get more clues on the health of Facebook's business when it reports its second-quarter financial performance on Wednesday. 'The reports about these efforts are consistent with this focus and what we've already shared publicly about our operating style.' 'Any company that wants to have a lasting impact must practice disciplined prioritization and work with a high level of intensity to reach goals,' the spokesperson added. 'We don't have any plans for layoffs at this time,' a Meta spokesperson said. The people who spoke with Insider asked not to be identified because they were not authorized to speak publicly about the company. This person took the deal, instead of waiting to be cut later this year. 'It hasn't started yet,' one employee told Insider about cuts, 'but it's coming.'Īnother employee described the feeling of a 'witch hunt' at work in which engineering managers appear to be looking for people to cut as they suddenly and frequently mention performance expectations in team messages.Ī different employee said Meta recently gave them an 'offer to leave' the company, essentially a negotiated severance package. Goler added that transitioning low performers out of Meta was the 'right thing to do.'Ĭuts to head count could be as high as 10% this year, a person with knowledge of director-level conversations said. Meta's human-resources chief, Lori Goler, sent a memo earlier this month suggesting cuts to employees who couldn't meet expectations as the company began to operate with 'increased intensity,' Insider has learned. Meta employees are bracing for sweeping job cuts after recent comments from executives suggested the company planned to significantly heighten performance expectations and 'transition out' anyone who fell short. The company could reduce head count by as much as 10% this year, one person said.Several executives have recently sent memos and made comments suggesting cuts are on the way.Meta employees expect significant job cuts amid new performance requirements and a tougher market.Account icon An icon in the shape of a person's head and shoulders.

Facebook warns staff growth to decelerate