The Financial Times reports that Meta delays setting the team’s budget as Facebook’s parent plans a new holiday season.
CALIFORNIA (Reuters) – Facebook parent Meta Platforms Inc ( META.O ) has delayed finalizing budgets for several teams as it prepares for a new round of job cuts, the Financial Times reported on Saturday. Reported daily.
There has been a lack of clarity about the budget and future headcount in recent weeks, the FT reported, citing two Meta employees familiar with the situation.
Meta did not immediately respond to a Reuters request for comment outside normal business hours.
Earlier this month, Meta announced that it expects its 2023 spending to be between $89 billion and $95 billion, with CEO Mark Zuckerberg calling the period a “performance year.”
The owner of WhatsApp cut more than 11,000 jobs, or 13% of its workforce, in November, following tech companies such as Amazon.com Inc ( AMZN.O ) and Microsoft Corp ( MSFT.O ) that hit the economy. Thousands of jobs have been announced due to Depression