In his weekly Q&A with Meta employees Thursday, CEO Mark Zuckerberg said the Facebook parent will freeze new hires and reduce budgets across most areas of the company, including those that are growing, Bloomberg reports.

Zuckerberg will leave it to individual teams to handle headcount changes, whether it means not replacing a position as employees leave, moving staff to other teams or concerted efforts to “manage out people who aren’t succeeding,” according to remarks obtained by Bloomberg.

“I had hoped the economy would have more clearly stabilized by now, but from what we’re seeing, it doesn’t yet seem like it is, so we want to plan somewhat more conservatively,” Zuckerberg said. “We want to make sure we’re not adding people to teams where we don’t expect to have roles next year.”

Facebook parent Meta is looking to reduce costs by 10%, the Wall Street Journal reported last month. Through overhead and consulting cost cuts, hiring freezes and “ruthless prioritization,” namely by challenging staff marked for layoffs to find a new position within 30 days, Facebook is looking to save money.

A Meta spokesperson declined to comment for Bloomberg.

Meta employed 83,500, as of June 30, adding 5,700 new hires in the second quarter.

Zuckerberg said Thursday that Meta will be “somewhat smaller” by the end of 2023. “For the first 18 years of the company, we basically grew quickly, basically every year, and then, more recently, our revenue has been flat to slightly down for the first time.”

Meta is concentrating on Reels, its answer to TikTok, and the the futuristic metaverse that it is building.