| Reuters exclusively reported two stories about the dire state of affairs at the world’s largest social network Meta Platforms. The first story was based on an internal memo that detailed “fierce” headwinds and slower growth in the second half of the year as the internet giant battles macroeconomic conditions and a data privacy restriction brought on by rival Apple. In a subsequent story and update after the markets closed, Reuters exclusively reported from an internal employee meeting that CEO Mark Zuckerberg mentioned slashing hiring targets and calling this period the “worst downturn in recent memory.” Shares fell more than 3% the day after the report. The story was picked up by multiple outlets a day after the report. |
Economy
Reuters reveals Facebook-owner Meta Platforms slashing hiring plans as it girds for “worst downturn
01 July 2022, 3:02 pm 1 minute
Article Tags
Topics of Interest: Economy
Type: Reuters Best
Sectors: Equities
Regions: Global
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Major Global Story
