Facebook UK cut 700 staff and reduced tax bill, accounts show
The Guardian|December 09, 2024
Facebook cut more than 700 employees in the UK last year at a cost of £79m after its 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.
Mark Sweney

The company also reduced its UK tax bill to just over 12% of its pre-tax profits, half the standard 25% corporation tax rate.

Mark Zuckerberg cut 11,000 jobs globally after admitting Meta had overinvested at the start of the pandemic in the belief the increase in online activity would continue and accelerate even after Covid eased.

"I got this wrong, and I take responsibility for that," Zuckerberg, the founder and chief executive of the owner of Facebook, WhatsApp and Instagram, said in a memo to staff in November 2022.

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The Guardian

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The Guardian

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The Guardian

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The Guardian

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The Guardian

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The Guardian

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