The Financial Times reported on Saturday that Facebook parent Meta Platforms Inc. has postponed finalising the budgets of numerous teams as it prepares for a new wave of job cutbacks.
According to two Meta employees familiar with the situation, there has been a lack of clarity in recent weeks regarding finances and future head count.
Meta said earlier this month that it anticipates 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 cut more than 11,000 jobs, or 13 percent of its workforce, following in the footsteps of tech businesses like as Amazon.com Inc. and Microsoft Corp., which announced thousands of layoffs due to the economic downturn.