Meta Moves To Close One New York Office Amid Hiring Freeze

Meta Platforms, Inc META will close one of its offices in New York after scaling down its expansion plans in the city.
Meta has exercised its option to terminate its lease at 225 Park Avenue South in Manhattan, Bloomberg reported, citing people familiar with the matter.
Meta is consolidating its New York workforce, building offices in Hudson Yards and moving ahead with plans for the Farley Building near Pennsylvania Station.
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Meta is pulling back from some of its growth plans in the city.
"Two twenty-five Park Avenue South has served as a great bridge space to get us to our new offices at Hudson Yards and Farley," Meta spokesperson Jamila Reeves told Bloomberg. "We are working to ensure we're making focused, balanced investments to support our most strategic long-term priorities."
Meta remains "firmly committed to New York and further anchoring our local footprint," she added.
The planned closure comes as Meta CEO Mark Zuckerberg seeks to reorganize teams and reduce the social media company's headcount.
The cost cuts and hiring freeze reflect that advertising revenue growth is slowing at Meta.
Meta is also seeing mounting competition from ByteDance Ltd-owned TikTok. There are additional tailwinds from Apple Inc's AAPL privacy restrictions.
META Price Action: Meta shares traded 1.36% higher at $140.50 premarket Tuesday.