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

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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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