Posted BY: Bill | NwoReport
Facebook’s parent company Meta has delayed finalizing the budgets of multiple teams as it prepares for a fresh round of job cuts as soon as next month, according to a new report.
In recent weeks, work at Meta has slowed to a crawl amid uncertainty over budgets and future headcount, the Financial Times reported on Saturday, citing two Meta employees familiar with the situation.
Earlier this month, Meta cut its cost outlook for 2023 by $5 billion, with CEO Mark Zuckerberg proclaiming a ‘Year of Efficiency’ for the company after slashing its workforce by 13% last fall.
However, Meta employees say the year has begun with confusion and delayed budget approvals resulting in ‘zero work’ getting done as managers struggle to plan for an uncertain future.
‘Honestly, it’s still a mess,’ one employee told the FT. ‘The year of efficiency is kicking off with a bunch of people getting paid to do nothing.’
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A Meta spokeswoman declined to comment when reached by DailyMail.com on Monday morning.
Shares of Meta rose more than 2% in morning trading, following the report that fresh job cuts are coming at the company.
The company, which also owns WhatsApp and Instagram, already cut more than 11,000 jobs, or 13% of its workforce in November, alongside steep layoffs at other tech companies such as Amazon and Microsoft.
Meta and other tech firms have struggled to rein in costs, as economic uncertainty has slowed sales growth over the past year.
Meanwhile, rivals like TikTok captured younger users and Apple’s privacy updates continued to challenge the company’s core business of placing targeted ads.
Shares of Meta dropped 65% over 2022, wiping more than $600 billion off its market valuation.
But Meta stock has jumped nearly 30% over the past month, after Zuckerberg announced dramatic new plans to slash costs.