Meta Delays Setting Team Budgets As Facebook Parent Plans Fresh Round of Layoffs

Reuters2023-02-13

(Reuters) - Facebook parent Meta Platforms Inc 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 and Microsoft Corp which have announced thousands of layoffs due to the economic downturn.

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  • Yor
    2023-02-13
    Yor
    Interesting
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