Fears for more Irish tech jobs as Facebook mother Meta plans job cuts this week, but Taoiseach says ‘don’t panic’

Fears of more Irish tech jobs are growing with reports that Facebook’s parent company Meta plans to launch a major round of job cuts in the coming days.

eta employs 6,000 people in Ireland, half of whom are salaried employees.

However, speaking at the Cop27 climate summit in Egypt on Monday, Taoiseach Micheál Martin urged: “Don’t panic.”

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.

Irish meta workers are said to have braced themselves for an announcement in recent days.

The Wall Street Journal reported last night that Meta plans to begin large-scale layoffs as early as Wednesday.

The layoffs are likely to affect many thousands of the company’s 87,000 employees worldwide.

Sources said officials at the company have already told employees to cancel non-essential travel starting this week.

A spokesman for Meta in Ireland declined to comment on the Wall Street Journal report last night, but referred to comments made by CEO Mark Zuckerberg last month.

He said at the time: “In 2023 we will focus our investments on a few high-priority growth areas. So that means some teams will grow significantly, but most other teams will stagnate or shrink over the next year.

“Overall, we expect that by 2023 we will either be about the same size or even slightly smaller than today.”

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, Dublin 4.

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.

A wave of layoffs is currently underway at tech multinationals. Last week’s announcements from Twitter and Stripe will affect hundreds of employees here.

PayPal, with 2,000 employees, is laying off hundreds of employees, while Docusign, with 1,000 employees, is also signaling a shrinking workforce.

Coinbase has also laid off employees, while Apple is reportedly set to freeze new hires.

Native Tech “Unicorn” Firms – Companies Valued Over $1B

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.”

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.

At the Cop27 conference in Sharm El-Sheikh, Taoiseach Micheál Martin said job losses in the tech sector should not cause panic.

The Taoiseach said the government will be speaking to all companies and to IDA Ireland, the stage agency tasked with recruiting foreign companies.

“I have been concerned about the global economic situation for some time because of the war in Ukraine and its impact across Europe and the world,” he said.

“We export everything we produce so what happens around the world has an impact on Ireland. So our challenge is to make sure we work with the IDA and the companies.”

Mr Martin spoke as he arrived for the Cop27 climate summit in Sharm El-Sheikh, Egypt.

He said Ireland had been in this situation before and would respond positively.

“There are clearly problems in the digital space,” he said.

“We’re always concerned about potential job losses, but we always tend to look with the view that there are realities out there that we cannot change globally. So how do we deal with this domestically and how do we deal with it? Regroup to see what new opportunities are out there.

“We’ve done this before, so let’s not panic. We should understand the realities driving this and see what we can do to help employees who could be laid off first.

“We have other sectors that are growing. Foreign direct investment was at record levels last year and this year looks set to be another record year for foreign direct investment in Ireland.”

https://www.independent.ie/business/world/fears-for-more-irish-tech-jobs-as-facebook-parent-meta-reported-to-be-planning-job-cuts-this-week-but-taoiseach-says-dont-panic-42123486.html Fears for more Irish tech jobs as Facebook mother Meta plans job cuts this week, but Taoiseach says ‘don’t panic’

Fry Electronics Team

Fry Electronics.com is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@fry-electronics.com. The content will be deleted within 24 hours.

Related Articles

Back to top button