SAN FRANCISCO (KRON) – Following Meta Platforms, Inc. CEO Mark Zuckerberg reportedly announced a hiring freeze at the social media giant this week, there are also reports that layoffs could be coming for the company that owns Facebook and Instagram.

According to remarks viewed by Bloomberg and later confirmed by The Verge, Zuckerberg made the announcement at the company’s weekly question-and-answer session that the company would try to reduce budgets across teams. The CEO reportedly added that teams may work to “manage out people who aren’t succeeding.”

Zuckerberg also said that by the end of 2023 Meta will be a “somewhat smaller” company.

“I had hoped the economy would have more clearly stabilized by now,” Zuckerberg reportedly said. “But from what we’re seeing it doesn’t yet seem like it has, so we want to plan somewhat conservatively.”

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Meta reported a worse than expected revenue drop earlier this year and issued a weak forecast, pointing to a second consecutive decline in year-over-year sales. Since the beginning of 2022, shares in the Facebook parent company have lost half of their value.

Meta isn’t the only Bay Area tech giant with a hiring freeze, either. Lyft will not be hiring for the rest of the year at least, according to Bloomberg.

Layoffs at tech companies have become something of a common theme this year as the economy faces headwinds and fears of a recession loom. As KRON4 previously reported, DocuSign, Oracle and retail giant, Gap have all been or shortly will be impacted by layoffs.