Facebook's parent company is cutting hundreds of jobs as its business suffers from inflation and conflict in Ukraine.

According to CNBC, Meta - Facebook's parent company - has canceled contracts with cleaning and custodial workers at its Silicon Valley headquarters, leading to hundreds of job cuts by the end of this month.



According to documents filed with the California Employment Development Agency, Meta has announced the termination of its contract with ABM Industries since mid-June. The contract reductions will take effect from 25/25. this 7.

ABM Industry is a California-based infrastructure management company with more than 100,000 employees.

In a letter sent to the employment development agency on July 1, the human resources director of ABM Industries said the contract cancellation directly affected 368 employees, from kitchen cleaners to cleaning staff. night cleaning, recycling sorter manager, coffee shop support, to the supervisory and management team.

The cuts come amid a decline in Facebook's online advertising business. The reasons are high inflation, the war in Ukraine, and changes in Apple's iOS privacy policy.

The tech company announced in May that it was reducing its hiring target after noting research that forecast full-year revenue is likely to decline.

The tech company announced in May that it was reducing its hiring target after noting research that forecast full-year revenue is likely to decline.

Regarding the case with ABM, a Facebook representative said it plans to sign a new contract supplier but has not yet determined how many ABM workers will be included in this new contract. According to the document. Submitted to the California Employment Development Agency, Meta has announced the termination of its contract with ABM Industries since mid-June. The contract reductions will take effect from July 25.

Last week, Mr. Mark Zuckerberg - CEO of Meta - said the company is planning to cut engineer recruitment by at least 30% this year. Meta management also urged employees to report cases of "low productivity" labor.