Meta Ireland Reports Record Profits, Despite Job Cuts
Dublin-based Meta Platforms Ireland Ltd, the international headquarters for Facebook and Instagram, experienced a meaningful surge in profitability during 2024, with pre-tax profits jumping 57% to €2.9 billion.This record performance follows a 22% increase in revenues, reaching €85.29 billion – a gain of €15.54 billion.
The company’s revenues represent 60% of Meta’s total global revenue of $164.5 billion (€142 billion) for the year. Directors attribute the growth “substantially” to advertising revenue generated through Facebook, Instagram, Messenger, and third-party mobile applications.
Despite the strong financial results, Meta Ireland reduced its workforce by 18% for the second consecutive year, cutting 433 jobs and bringing total employment to 1,738. Total staff costs reached €453.9 million, including €116.5 million in share-based payments and €40.35 million in other benefits. The average salary, excluding share-based payments, was €147,959. The company’s workforce is distributed across operations (570 employees),administration (499),sales and marketing (369),and engineering (300).
Meta Ireland also distributed €1.5 billion in dividends to its parent company, Facebook International Operations Ltd, and has since approved an additional €1.9 billion in dividends.
The company reported a profit after tax of €2.54 billion after paying €366.8 million in corporation tax. Accumulated profits rose to €2.59 billion, and shareholder funds totalled €2.7 billion, though cash funds decreased from €5.89 billion to €5.14 billion.
Research and development costs increased from €155.43 million to €186.3 million. The company also benefited from net interest payments of €43.25 million. at the beginning of 2024, Meta Ireland had allocated €4.15 billion for potential regulatory fines, releasing €1 billion during the year to cover actual fines. Director pay decreased to €2.3 million,down from €2.7 million in 2023, but long-term incentive schemes resulted in an additional €9.6 million payout.
