SAN FRANCISCO (KCBS RADIO) – The slowdown in the economy is starting to impact Bay Area tech companies, and none are immune to the changes.
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Facebook parent company Meta is the latest to announce hiring freezes and layoffs – the first time it has ever shrunk its global workforce.
CEO Mark Zuckerberg reportedly told employees Thursday that the company will institute a hiring freeze, as well as cut budgets across all teams.
The company posted its first-ever decline in revenue in its second quarter this year as the country faces a recession.
And it’s not just Meta. Lyft has also reportedly frozen hiring across the country and laid off around 60 employees in July. Other companies are struggling as well.
The overall unemployment rate is still low – just around 3% in the Bay Area – but these tech hiring freezes are a bellwether that the economy could be in for a rough patch due to inflation and rising interest rates.
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