Meta ‘plans fresh round of layoffs’

NEW YORK

Facebook parent Meta Platforms Inc has delayed finalizing the budgets of multiple teams as it prepares a fresh round of job cuts, the Financial Times reported on Feb. 11.

In recent weeks there had been a lack of clarity surrounding budgets and future head count, the FT reported, citing two Meta employees familiar with the situation.

Earlier this month, Meta announced that it expects its 2023 expenses at between $89 billion and $95 billion, with CEO Mark Zuckerberg calling the period a “Year of Efficiency.”

The WhatsApp owner had cut more than 11,000 jobs or 13 percent of its workforce in November, following such tech companies as Amazon.com Inc and Microsoft Corp which have announced thousands of layoffs due to the economic downturn.

Meanwhile, Yahoo said it plans to lay off more than 20 percent of its total workforce as part of a major restructuring of its ad tech division.

The cuts will impact nearly 50 percent of Yahoo’s ad tech employees by the end of this year, including nearly 1,000 employees this week, the company said.

Yahoo, which is owned by private equity firm Apollo Global Management since a $5 billion buyout in 2021, added that the move would enable the company to narrow its focus and investment on its flagship ad business called DSP, or demand-side platform.

This comes as many advertisers have pared back their marketing budgets in response to record-high inflation rates and continued uncertainty about a recession.