Wahab Khan 
Many things have brought challenges to the world’s tech giants and social media companies. Apple’s privacy changes and the Russian-Ukraine war have made broad macroeconomic shifts in Facebook. Consequently, the company has decided to discontinue or slow the pace of hiring mid-level and senior employees.
Mark Zuckerberg, the co-founder and CEO of Facebook, confirmed its proposed cryptocurrency Libra before the honorable members of the Financial Service Committee in Washington DC on 23 October 2019. In the meeting that took place in the Rayburn House Office located on Capitol Hill of the city. He talked about how Facebook would deal with false or misleading information posted by the political leader during the election campaigns of 2020. Zuckerberg also testified how the company takes care of users’ privacy and valuable data.
Meta, the parent company of Facebook, is worried about its record weakest revenue growth and current business challenges, such as the war in Ukraine and Apple’s modified privacy guidelines. It has led the company to slow the pace of the hiring process, especially for mid-level and senior people.
According to the Meta representative, Facebook regularly reevaluates its talent portal according to its business requirements. It is considering slowing hiring growth in the light of the expenses guidance provided for this particular revenue period. However, Facebook will keep growing its workforce to ensure its focus on long-term impact.
Meta plans to discontinue or slow its hiring process after it held off on adding entry-level engineers a few weeks before. Accordingly, recruiters have put a hiatus on their efforts to hire people for mid-level and senior roles following the revenue drop in the second quarter.
According to the Meta earnings report, the company forecasted a potential year-on-year revenue fall in the second quarter. David Wehner, the CFO, pointed out many issues the company is facing these days and said potential expenses for the year 2022 could be between $88 and $92billion, which is significantly down from the last year’s forecast of $90 billion to $95 billion.
The parent company of Facebook began its struggle to deal with its economic scenario after many users abandoned its apps. In February, the company confirmed that it had lost daily active users consecutively for the first time by late November in 2021, but it got back in the first quarter of the following year. However, the social media business has broadly taken a hit because of macroeconomic concerns and the Russian invasion of Ukraine.
Wehner told the tech site that they faced a further deceleration in growth after Russia invaded Ukraine and a loss of revenue in Russia. A reduced marketing demand in Europe and outside also led to a further slowdown in the development. He said that the company believes the Russia-Ukraine war caused further volatility in an already vague macroeconomic environment for advertisers.
Wehner repeated the statement for investors, saying Apple changed privacy rules for its iOS devices would continue hurting the growth. The explanation came after Meta had already forecasted the shift would cause a decline in the revenue by $10 billion this year.
