Tech Layoffs: Meta may not stop at 11,000 as budget delays signal another round of job cuts

Meta, the parent company of Facebook, has postponed the finalization of multiple teams' budgets as it prepares for another round of job cuts, according to a report by the Financial Times. Two employees familiar with the situation spoke to the publication and noted a lack of clarity surrounding the budgets and future headcount in recent weeks.

Earlier this month, Meta announced that its 2023 expenses are expected to be between $89 billion and $95 billion, with CEO Mark Zuckerberg referring to the period as the "Year of Efficiency". If the report turns out to be true, this round of layoffs comes after Meta cut more than 11,000 jobs, or 13 per cent of its workforce, in November.

The company is part of a growing list of tech giants such as Amazon, Google, and Microsoft, who have also announced thousands of layoffs due to the ongoing economic downturn. Amazon also revised its estimates of job cuts from 10,000 last year to 18,000 earlier this year. Google also started the year with one of its biggest layoffs to date. The search giant announced that it is laying off 12,000 employees across geographies.

The news of the budget delays and potential job cuts at Meta Platforms Inc will likely be met with concern from employees and investors alike. The company will need to carefully navigate this challenging period as it seeks to control its expenses and preserve its bottom line. At the same time, the growing uncertainty in the tech sector is inducing job loss anxiety in the workforce, which could also spell doom even for tech giants. 

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