According to the Financial Times, Meta delays establishing team budgets as Facebook parent expects further layoffs.

(Reuters) As it gets ready for another wave of layoffs, Facebook parent company Meta Platforms Inc (META.O) has put off completing the budgets of many departments, the Financial Times reported on Saturday.

According to the FT, which cited two Meta workers who were acquainted with the issue, there had been a lack of transparency over finances and projected personnel counts in recent weeks.

An after-hours request for comment from Reuters was not immediately answered by Meta.

This month, Meta said that it anticipates its costs to range from $89 billion to $95 billion in 2023. CEO Mark Zuckerberg dubbed the time frame a “Year of Efficiency.”

In November, the owner of WhatsApp announced the elimination of more than 11,000 positions, or 13% of its employees, following the lead of major giants like Inc (AMZN.O) and Microsoft Corp (MSFT.O), both of which have announced thousands of layoffs as a result of the current economic climate.

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