Meta Delays Team Budgets Due to Recent Job Cuts

The Financial Times reports that Facebook's parent company Meta META +3.22% has delayed final budgets for several teams' budgets in advance of another round of job cuts, according to a source at Facebook.

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According to the FT, employees are complaining that work has been neglected as a result of an unclear amount of money available to teams and headcount for weeks, and no work has been done, two people familiar with the situation were quoted as saying. 

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Early Monday morning, Trade Algo's received a request for comment from Meta, but the company did not respond immediately. Reports in the Financial Times indicated that the company declined to make any comments on the story. 

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Investors cheered the company's decision to dismiss about 11,000 employees in November, which was welcomed by the company's employees. Shares of Meta traded in the red throughout much of 2022 as the company spent a great deal of money investing in the metaverse, or augmented and virtual reality. As the rise in interest rates discouraged people from buying high-growth stocks, the stock also suffered from a general technology selloff.

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The CEO of Meta, Mark Zuckerberg, said that in 2023, he expects the company to achieve efficiency. Further cuts are expected in March, according to Zuckerberg.