This happens in the context of The United States announced that no company will be able to supply Chinese companies with certain semiconductors made anywhere in the world with American technology. The measures threaten to further deteriorate the tense relations between the two world giants and strongly affect companies that see their market with the Asian giant reduced.
Meta, for its part, announced days ago that it will freeze hiring and continue to restructure itself in a context of an uncertain macroeconomic situation, as specified. Several tech companies have been forced to cut staff in recent months as advertisers cut spending to prepare for a looming recession.
“I was hoping the economy would have stabilized more clearly by now, but from what we’re seeing it doesn’t look like it has yet, so we want to plan somewhat conservatively.”Zuckerberg told employees during a weekly question-and-answer session, Bloomberg News reported. The CEO also said that Meta would reduce budgets on most teams.
For its part, The New York Stock Exchange ended sharply lower on Friday on employment data that showed a resilient job market, a data that supports the course of action of the Federal Reserve raising its interest rates to combat inflation. The Dow Jones thus lost 2.10% to 29,296.78 points, the technological Nasdaq lost 3.80% to 10,652.40 points, and the expanded S&P 500 index fell 2.80% to 3,679.65 units.
Source: Ambito
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