The tech giant is running at a slow pace because it has yet to approve the budgets of many teams
Facebook’s parent company Meta Platforms has delayed finalizing the budgets of a number of its teams as it prepares for a new round of layoffs, the Financial Times reports.
In recent weeks, there has been no clarity about budgets and the future of employees, the media outlet added, citing two people working at Meta who are familiar with the situation.
According to them, as a result of what is happening, no work is being done because the managers cannot plan anything. Projects and decisions that normally take days are now dragging on for months in some cases, and even in priority areas such as the metaverse and advertising the situation is the same, the sources added.
According to one of them, some budgets should have been completed by the end of last year.
The tech giant did not respond to a request for comment outside regular business hours.
Earlier this month, the company said it expects 2023 spending to be between $89 billion and $95 billion, with CEO Mark Zuckerberg calling the period “the year of efficiency.”
In November, the owner of WhatsApp cut more than 11,000 positions, or 13% of its workforce. It followed the lead of other tech companies such as Amazon.com and Microsoft, which announced they were laying off thousands of workers as the economy contracted.
