The Financial Times reported on Saturday that Meta Is Delaying Team Budgets because they plan further layoffs.
According to two Meta employees familiar with the situation, there has been a lack of clarity in recent weeks regarding finances and future headcount. Outside of normal business hours, Meta did not react immediately to a Reuters request for comment.
Meta said earlier this month that it expects its 2023 spending to range between $89 billion and $95 billion, with CEO Mark Zuckerberg referring to the time as a “Year of Efficiency.”
In November, the WhatsApp owner slashed more than 11,000 positions, or 13% of its workforce, following in the footsteps of tech businesses like as Amazon.com Inc (AMZN.O) and Microsoft Corp (MSFT.O), who announced thousands of layoffs due to the economic downturn.