Meta Platforms Inc, the parent company of Facebook, said it will freeze hiring and restructure further amid the global economic backdrop, according to reports.
Bloomberg broke the story, quoting chief executive Mark Zuckerberg’s communication with his employees.
"I had hoped the economy would have more clearly stabilized by now, but from what we're seeing it doesn't yet seem like it has, so we want to plan somewhat conservatively," Zuckerberg told employees during a weekly Q&A session, quoted in Reuters.
In June, the Nasdaq-listed company said it cut plans to hire engineers by at least 30% this year as the tech sector is hit by advertisers cutting back on spending in preparation for a recession.
Elsewhere, wind turbine manufacturer Siemens Gamesa said it will be axing nearly 3,000 jobs in an effort to turn around the loss-making business.
Most of the employees to lose their jobs will be in Europe, with 50 losses in the UK while Denmark will experience the most losses with around 800.
Siemens has been conducting a strategic review, called Mistral, to lean out operations in the face of continued losses.
“It is never easy to make such a decision, but now is the time to take decisive and necessary actions to turn the company around and ensure a sustainable future,” said Siemens chief executive Jochen Eickholt in a statement.
“We need to build a stronger and more competitive Siemens Gamesa to secure our position as a key player in the green energy transition.”
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