In one of the worst layoffs in the tech industry since Twitter, when 90% of the India team was laid off, Meta founder and CEO Mark Zuckerberg laid off around 13% of the workforce global job and extended the hiring freeze through the first quarter of 2023.
According to the sources, the layoffs affected the Meta India team across different verticals, though the exact number of affected employees could not be ascertained.
Meta is expected to employ 400 people in the country and its business is doing well.
According to business intelligence platform Tofler, Meta’s registered entity Facebook India Online Services increased its net profit to Rs 297 crore in FY22 from Rs 128 crore in FY22 21, while revenue rose 56% to Rs 2,324 crore in FY22 from Rs 1,485 crore. crore in FY21.
Meta announced last week that its head of India, Ajit Mohan, had decided to leave the company to pursue another opportunity.
Mohan has taken over the Indian operations of Snap, the parent company of Snapchat, which is growing rapidly in the country, especially among the youth.
Meanwhile, Zuckerberg said the company will pay 16 weeks of base salary, plus an additional two weeks for each year of service, “without cap.”
“Outside the United States, support will be similar, and we will soon follow up with separate processes that take local labor laws into account,” he added.