Financial Times: Meta Is Delaying Team Budgets As They Plan Another round of layoffs

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.

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