The reported figure represents a big jump from the earlier forecast of about 2% to 4% cost cuts that Meta announced in July. Meta on Wednesday reiterated its plans to steadily reduce headcount growth over the next year in an emailed response. The company's business has taken a hit in recent months as recession fears and competitive pressures hit digital ads sales. Reuters had reported in June that Meta had cut plans to hire engineers by at least 30% this year as it prepares for a deep economic downturn. Register now for FREE unlimited access to Reuters.com RegisterReporting by Savyata Mishra in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Source: Wall Street Journal September 22, 2022 01:45 UTC