Facebook UK cut 700 staff and reduced tax bill last year, accounts show

‘I’m pretty amped about the work we’re doing right now,’ said Mark Zuckerberg, the Meta chief executive, during the earnings call. Photograph: David Paul Morris/Bloomberg via Getty Images

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.