Facebook job layoffs: Meta expects to ax nearly 400 jobs in Ireland as it confirms 11,000 job cuts worldwide

Meta has confirmed it will cut 11,000 jobs across its 87,000-strong global operation, with around 350 jobs eliminated in Ireland.

The company – formerly Facebook Inc. – said it would cut 13 per cent of its global workforce but has not yet publicly announced how many jobs will be cut in Ireland.

However, sources indicate that 350 jobs are to be cut here.

A spokesman said Independent.ie earlier that the number “tracked” with the percentage globally.

It employs 3,000 people in Ireland.

“The number of redundancies at Meta Ireland will be similar to the global number, although we will not be able to confirm the final number of redundancies until the collective consultation process is complete. This announcement affects Meta employees (3,000 in Ireland). Contractors will not be affected,” the spokesman said.

Meta employees in Dublin eagerly awaited news about their jobs this morning.

The company has informed the Ministry of the Taoiseach, the IDA and the Ministry of Enterprise, Trade and Employment.

It said the move will not affect contract workers, who are employed by third parties and number up to 6,000.

A spokesman said the job cuts will not affect long-term plans for its operations in Ireland.

“As the location of our international headquarters, Ireland is an integral part of our company and our operations,” they said. “Today’s announcement and process has no impact on the status of Ireland or on our long-term investment plans in Ireland.”

The company said the timeline and process in Ireland would be defined by Irish Government guidelines, which would see affected employees participate in a joint consultation.

IDA has told the Government that the extent and number of job losses at the Irish branch will only be clear in a few weeks.

Meta CEO Mark Zuckerberg said earlier today, “Today I’m sharing some of the toughest changes we’ve made in Meta’s history.

“I have decided to reduce the size of our team by approximately 13 percent and lay off more than 11,000 of our talented employees.

“We are also taking a number of additional steps to become a leaner and more efficient organization by cutting discretionary spending and extending our hiring freeze through Q1.”

Meta’s boss called the layoffs “necessary”.

“In the early days of Covid, the world was moving quickly online and the rise of e-commerce led to outsized sales growth,” he said.

“Many people have predicted that this would be a lasting acceleration that would continue even after the pandemic has passed. I did it too, so I decided to significantly increase our investments. Unfortunately, this didn’t play the way I expected.

“Not only has online retail returned to previous trends, but the macroeconomic downturn, increasing competition and loss of advertising signals have resulted in our revenues being much lower than I expected. I got it wrong and I take responsibility for it.”

Mr Zuckerberg said the company is also currently “shrinking” its real estate presence as it completes the relocation of its employees to its new headquarters in Ballsbridge.

He also provided further guidance on which parts of the business would be hardest hit.

“As we make cuts in every organization in both Family of Apps and Reality Labs, some teams will be impacted more than others,” he said. “Recruiting will be disproportionately affected as we plan to hire fewer people next year. We are also reorganizing our business teams more comprehensively.”

All employees affected by the mass layoffs will receive four months’ salary as part of their severance pay, said Meta’s human resources director Lori Goler Wall Street Journal.

Mr Zuckerberg appeared dejected at a meeting with executives on Tuesday, saying he was to blame for the company’s missteps and that its over-optimism about growth had led to overstaffing, the report added, citing people familiar with the matter .

The company’s Irish operations include its international headquarters, its Clonee data center both in Dublin and its Reality Lab in Cork.

It has already relocated hundreds of employees to its new, larger headquarters in Ballsbridge. Independent.ie expects all staff to move to the Ballsbridge office following layoffs over the next six months.

Meta, the parent company of Facebook and Instagram, ranks as one of the top four major tech multinationals in Ireland alongside Google, Apple and Intel.

Mr Zuckerberg had previously warned the company could downsize, telling employees over the summer: “Realistically, there are a lot of people at the company who shouldn’t be here.

“If I had to bet, I’d say this could be one of the worst downturns we’ve seen in recent history.”

The latest worrying job news follows Twitter’s decision last Friday to cut half of its global workforce. Meanwhile, payments firm Stripe – which ranks as Ireland’s top tech export to Silicon Valley – is laying off 14 per cent, or 1,000 employees, across its business.

However, there are fears that Meta’s move could be the largest in the recent spate of tech job cuts.

After losing significant market share to TikTok, the company is currently trying to develop products and services for the Metaverse, a virtual reality platform that Zuckerberg claims will have over a billion regular visitors within a few years.

The job news comes exactly one year since Facebook changed its name to Meta. During this time, the company’s market value has fallen by 624 billion euros, or three quarters.

https://www.independent.ie/business/technology/meta-to-axe-350-jobs-in-ireland-as-it-confirms-11000-cuts-worldwide-42129675.html Facebook job layoffs: Meta expects to ax nearly 400 jobs in Ireland as it confirms 11,000 job cuts worldwide

Fry Electronics Team

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