(NewsNation) — Facebook’s parent company Meta is pulling back product investments and enacting a hiring freeze for certain roles as stock prices continue to sink lower.
Among those product groups experiencing a freeze are the dating app, gaming app and a messenger app designed for kids. One reason the company is implementing the freeze is the recent Apple iOS privacy change.
The change makes apps ask for permission before tracking the user’s activity.
According to the analysis of iOS 12.5, 96% of U.S. users opt-out of app tracking – that’s hurting Meta’s bottom line.
Meta said Apple’s App Tracking Transparency feature would decrease the company’s 2022 sales by about $10 billion.
This also comes amid Netflix laying off 150 employees this week as it continues to see a downturn in revenue and subscriber growth.
A Netflix spokesperson confirmed to The Hill on Tuesday the latest string of departures, saying that the layoffs are a part of new changes focused more on a business approach rather than individual performance.
“As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company. So, sadly, we are letting around 150 employees go today, mostly US-based,” a Netflix spokesperson said in its statement.
The company recently reported its first subscriber loss since October 2011, seeing a drop of 200,000 subscribers in the first quarter of 2022, which led to its stock dropping by 23 percent.
The Hill contributed to this report.