Workplace

Meta slows hiring, blaming Apple, war and its stock price

The rare Facebook hiring freeze will last for the rest of the year.

An aerial view shows a newly unveiled logo for "Meta", the new name for Facebook's parent company, in front of Facebook headquarters in Menlo Park . (Photo by NOAH BERGER / AFP) (Photo by NOAH BERGER/AFP via Getty Images)

Meta is slowing its hiring for the rest of the year as the Facebook parent tries to tighten its belt.

Photo: Noah Berger/AFP via Getty Images

Meta is pulling back on hiring in order to control its spending, Insider reported Wednesday.


The Facebook parent is working to cut costs as its revenue grows more slowly than expected. Insider cites an internal memo from CFO David Wehner that pointed to Apple’s data privacy changes on iOS devices, a downturn across the industry and the war in Ukraine as reasons for the hiring freeze. Meta’s stock price has dropped by more than one-third in the last six months.

The hiring cutbacks will hit “almost every team across the company" and will last for the rest of the year, according to internal memos cited by Insider. It's a far cry from the "Why hiring is so hard right now" memo that was leaked in 2021 as part of The Facebook Papers. The memo described the struggle and subsequent failure to meet recruiting goals.

Hiring has been especially expensive in the last couple of years, and backing off the competition for tech talent is certainly one way to save money. Meta has already grown its workforce by 28% since last year, Insider pointed out, with a headcount of more than 78,000. And Meta isn’t alone in this cutback: Insider pointed to similar moves at DoorDash and Google Cloud. For now the company seems to be avoiding mass layoffs, unlike some startups that thrived during the pandemic.
Fintech

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The ways Zia Faruqui (right) has weighed on cases that have come before him can give lawyers clues as to what legal frameworks will pass muster.

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That’s not a quote from "The Big Lebowski" — at least, not directly. It’s a quote from a Washington, D.C., district court memorandum opinion on the role cryptocurrency analytics tools can play in government investigations. The author is Magistrate Judge Zia Faruqui.

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Veronica Irwin

Veronica Irwin (@vronirwin) is a San Francisco-based reporter at Protocol covering fintech. Previously she was at the San Francisco Examiner, covering tech from a hyper-local angle. Before that, her byline was featured in SF Weekly, The Nation, Techworker, Ms. Magazine and The Frisc.

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The Financial Technology Association (FTA) represents industry leaders shaping the future of finance. We champion the power of technology-centered financial services and advocate for the modernization of financial regulation to support inclusion and responsible innovation.
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AWS CEO: The cloud isn’t just about technology

As AWS preps for its annual re:Invent conference, Adam Selipsky talks product strategy, support for hybrid environments, and the value of the cloud in uncertain economic times.

Photo: Noah Berger/Getty Images for Amazon Web Services

AWS is gearing up for re:Invent, its annual cloud computing conference where announcements this year are expected to focus on its end-to-end data strategy and delivering new industry-specific services.

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Donna Goodison

Donna Goodison (@dgoodison) is Protocol's senior reporter focusing on enterprise infrastructure technology, from the 'Big 3' cloud computing providers to data centers. She previously covered the public cloud at CRN after 15 years as a business reporter for the Boston Herald. Based in Massachusetts, she also has worked as a Boston Globe freelancer, business reporter at the Boston Business Journal and real estate reporter at Banker & Tradesman after toiling at weekly newspapers.

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We launched Protocol in February 2020 to cover the evolving power center of tech. It is with deep sadness that just under three years later, we are winding down the publication.

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Bennett Richardson ( @bennettrich) is the president of Protocol. Prior to joining Protocol in 2019, Bennett was executive director of global strategic partnerships at POLITICO, where he led strategic growth efforts including POLITICO's European expansion in Brussels and POLITICO's creative agency POLITICO Focus during his six years with the company. Prior to POLITICO, Bennett was co-founder and CMO of Hinge, the mobile dating company recently acquired by Match Group. Bennett began his career in digital and social brand marketing working with major brands across tech, energy, and health care at leading marketing and communications agencies including Edelman and GMMB. Bennett is originally from Portland, Maine, and received his bachelor's degree from Colgate University.

Enterprise

Why large enterprises struggle to find suitable platforms for MLops

As companies expand their use of AI beyond running just a few machine learning models, and as larger enterprises go from deploying hundreds of models to thousands and even millions of models, ML practitioners say that they have yet to find what they need from prepackaged MLops systems.

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Photo: artpartner-images via Getty Images

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