New Delhi: The worst layoff in the global tech industry by Meta, which saw 11,000 employees laid off, has hit India teams as well, albeit marginally, according to reliable sources on Wednesday.
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 fired about 13% of the global workforce and extended a hiring freeze through Q1 2023.
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According to sources, layoffs affected the Meta India team across verticals, though the exact number of affected employees could not be determined.
Meta is expected to employ up to 400 people in the country, and its business is doing well.
According to business intelligence platform Tofler, Facebook India Online Services, the registered entity of Meta, increased its net profit to Rs 297 crore in FY22 from Rs 128 crore in FY21, while revenues increased by 56% to Rs 2,324 crore in FY22 from Rs 1,485 crore in FY21.
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Meta announced last week that its India head, 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, particularly among young people.
Meanwhile, Zuckerberg stated that the company will pay 16 weeks of base pay, plus two additional weeks for every year of service, “with no cap.”
“Outside of the United States, support will be similar, and we’ll follow up soon with separate processes that take local employment laws into account,” he added.
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