Meta Platforms reportedly put multiple team budgets and projects in key areas such as the metaverse on hold, as CEO Mark Zuckerberg plans for further job cuts.
Unnamed Meta Platforms employees told Financial Times (FT) decisions which usually took days to sign off now took weeks, while many staff had nothing to do as managers were unable to plan workloads.
Interestingly, the lack of clarity even extends to crucial areas of the company such as advertising and the metaverse.
News of the uncertainty comes after Zuckerberg outlined his “year of efficiency” strategy during the company’s last earnings call.
As part of the plan, Zuckerberg explained he aimed to increase efficiency by removing “some layers in middle management” and reshuffling organisational structure to accelerate decision-making.
FT reported further cuts are therefore expected in March, while performance reviews are currently ongoing. Meta Platform’s latest round of cuts would come after the company slashed 11,000 jobs in November 2022.
Despite global economic slowdown, Zuckerberg has stated Meta Platforms will continue splurging on AI and metaverse, with a study estimating the company’s expenses on the latter would reach $19.2 billion in 2023.