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

Published 02/11/2023, 10:56 AM
Updated 02/11/2023, 05:45 PM
© Reuters. FILE PHOTO: The logo of Meta Platforms' business group is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman
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(Reuters) - Facebook parent Meta Platforms Inc (NASDAQ:META) 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.

© Reuters. FILE PHOTO: The logo of Meta Platforms' business group is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman

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 (NASDAQ:AMZN) and Microsoft Corp (NASDAQ:MSFT) which have announced thousands of layoffs due to the economic downturn.

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