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.
10% of Facebook’s UK workforce was axed while revenue fell slightly but pre-tax profits rose despite advertising slowdownFacebook 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. Continue reading…
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