Leaked internal memos from Facebook show the company is enacting a massive hiring freeze due to its failures to hit revenue targets, a process that will affect ''almost every team across the company,'' Breitbart reported.
The fall in revenue comes as social media companies struggle to reach the bottom line following sweeping changes to Apple's privacy policy that limit the ability of websites and apps to obtain users' personal data.
The company, which rebranded itself as Meta last October with a new focus on virtual reality, also cites the war in Ukraine and the ''general macroeconomic environment'' as further reasons for scaling back.
''While we're still going through our reprioritization, we know this will have an effect on hiring for the rest of the year,'' Meta CFO David Wehner wrote in one of the memos.
''As we look towards the second half, we're going to adjust those targets in a couple of ways,'' he added.
Wehner then outlined the changes the company will begin to implement, the first being the reduction of hiring targets for 2022.
''This means hiring fewer people than we initially forecast. We're still working out what this means for each org, but this will affect almost every team in the company,'' the CFO explained.
The second change Wehner detailed was a review of ''headcount allocation to make sure it's aligned to our [Meta's] top company priorities given our modified hiring targets.''
Insider had previously reported that former and current Meta employees are growing worried about CEO Mark Zuckerberg's increasing obsession with virtual reality, believing it to be a concept doomed to fail.
Virtual reality is ''the only thing Mark wants to talk about,'' a former director at Meta told the outlet.
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