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

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 per cent 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.