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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

(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.

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.

Latest comments

They know something we don't.  Like, how many rabbits are left in their hat that they can keep pulling out before the tide goes back out and stays there.  Proof that you can borrow time but you have to pay it back.
Oh oh how exciting, more couch potatoes production.
What will be the effect of fresh round of job cut news?
Meta… +25% Monday!
Biggest crash of all time is just getting started
how much have you lost the past 2 months shorting?
Normally, I would not agree with posts like this. Unfortunately, given recent events, I have to fully agree.
Bloody Monday coming
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