Meta delays setting team budgets as Facebook parent plans fresh round of layoffs, Financial Times reports
Technology
Meta announced that it expects its 2023 expenses at between $89 billion and $95 billion
(Reuters) - 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.
