Meta delays setting budgets as FB parent plans fresh layoffs

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

Reuters

Updated:11th Feb, 2023 at 10:01 PM

WASHINGTON: 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 on Saturday.

In recent weeks there had been a lack of clarity surrounding budgets and future head count, 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.

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 Amazon.com Inc (AMZN.O) and Microsoft Corp (MSFT.O) which have announced thousands of layoffs due to the economic downturn.

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Meta delays setting budgets as FB parent plans fresh layoffs

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

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