Meta delays setting team budgets as Facebook parent plans fresh round of layoffs

February 12, 2023 9:38 am

[Source: Aljazeera]

Facebook parent Meta Platforms Inc (META.O) has delayed finalizing the budgets of multiple teams as it prepares a fresh round of job cuts, the Financial Times reported

In recent weeks there had been a lack of clarity surrounding budgets and future headcount, the FT reported, citing two Meta employees familiar with the situation.

Meta did not immediately respond to a Reuters request for comment outside of normal business hours.

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Earlier this month, Meta announced that it expects its 2023 expenses at between $89 billion and $95 billion, with CEO Mark Zuckerberg calling the period a “Year of Efficiency.”

The WhatsApp owner had cut more than 11,000 jobs or 13% of its workforce in November, following such tech companies as Inc (AMZN.O) and Microsoft Corp (MSFT.O) which have announced thousands of layoffs due to the economic downturn.