The company says Meta Platforms is slowing workforce growth as Facebook’s parent company seeks to rein in costs. A spokesperson for Meta said: “We regularly re-evaluate our human resources according to our business needs, and based on the cost guidance released for this earnings period, we are working to slow its growth accordingly,” a spokesperson for Meta said in an emailed statement.
Business Insider, citing an internal note to employees, report that the company is reducing its hiring target and has temporarily stopped hiring for the rest of the year.
Meta Platforms last week recorded its slowest revenue growth in a decade, with its CEO Mark Zuckerberg also said that the company will reduce costs.
The store, scheduled to open May 9, is located on the main campus of the Meta Reality Labs unit, in the Silicon Valley town of Burlingame, California. The unit is developing hardware products the company aims to sell there, including Ray-Ban smart glasses, the Portal video calling device, and the Oculus VR headset.
Meanwhile, with growth slowing and the company still largely reliant on digital advertising for revenue, Meta is cutting back on some of its long-term investments.
In addition to promoting its hardware devices to consumers, Meta is increasingly promoting them to businesses. It gave an in-store demonstration of conference calls that can feature a combination of virtual reality avatars and traditional video calls.
Micah Collins, director of product management working on enterprise tools, said the company is testing augmented reality technology that allows users to join conferences as avatars through the Portal without No need to wear headphones.
Collins acknowledges the nascent enterprise metaverse business, and a spokesperson said most use of Horizon Workroom, the VR conferencing technology, comes from within Meta.
Still, Collins said, the company sensed an opportunity.
While many products are still very primitive and well known in their consumer contexts, “there’s enough out there to give us a lot of confidence to hit the market,” he said.
© Thomson Reuters 2022