10% of Facebook’s UK workforce was axed while revenue fell slightly but pre-tax profits rose despite advertising slowdown
Facebook cut more than 700 employees in the UK last year at a cost of £79m, after parent company Meta embarked on its first ever round of redundancies as part of a global cost-cutting drive to offset a disastrous collapse in revenues.
The company – which is one of the most valuable US tech companies behind Apple, the Google owner Alphabet, and Amazon – also reduced its UK tax bill to just over 12% of its pre-tax profits, half the standard 25% corporation tax rate.
About Author
More Stories
Microsoft unveils chip it says could bring quantum computing within years
I became absorbed in strangers’ fertility journeys online
Mars may once have had an ocean with sandy beaches, radar data suggests