Meta's Irish operations reduced staff levels by 20% during 2024

Company has announced a series of job cuts over the past few years, including cutting close to 500 employees at its Irish operations in 2023

The company employed on average 1,738 people during 2024 — down from 2,171 in 2023.

The Irish operations of Facebook-owner Meta Platforms cut its workforce here by 20% over the course of 2024 following a decision to reduce the company’s overall headcount in recent years, its latest financial statement shows.

Meta has announced a series of job cuts over the past few years. In 2023, it said it would cut close to 500 employees at its Irish operations as part of company-wide layoff plans.

In January this year, the company said it would cut 5% of its “lowest-performing” staff globally.

According to Meta Platforms Ireland’s latest financial statement, the company employed on average 1,738 people during 2024 — down from 2,171 in 2023.

There were reductions seen across various sections of the company. There were 117 fewer people employed in sales and marketing, 197 fewer in operations, 88 fewer in administration, and 31 fewer in engineering.

Meta Platforms Ireland is a subsidiary of Meta Platforms Inc, which owns Facebook, Instagram, and WhatsApp.

During its 2024 financial year, the company’s Irish operations posted turnover of €85.3bn — an increase of €15.5bn compared to 2023.

“This increase was attributable to growth in advertising revenue from third-party customers generated by displaying ad products on Facebook, Instagram, Messenger, and third-party mobile applications,” the company said.

Its administrative expenses for the year stood at €79.3bn — up from €65.1bn the year prior.

“The increase is attributable to continued growth in business operations, which has driven an increase in intercompany related expenses, offset by a reduction in regulatory compliance provisions compared to prior year.” 

The cost of these sales also increased from €2.8bn in 2023 to €3.1bn in 2024.

It incurred €186.3m research, development and engineering expenses during the year, which primarily related to personal costs.

Its profit before tax amounted to €2.9bn during the year. It declared a dividend to its parent company of €1.5bn.

The company also said its provisions to pay fines “arising from various ongoing regulatory compliance investigations or decisions by relevant data protection and other regulatory authorities have decreased during the year”.

At the start of the year, Meta had just under €4.16bn set aside for the regulatory compliance provisions which could be used to pay fines incurred. It ended the year with €3.25bn left.