The worst lay-off in the global tech industry by Meta, which saw, 11,000 workers being shown the door, has hit India brigades too, albeit hardly, dependable sources said on Wednesday.
In one of the worst lay-offs ever in the tech assiduity after Twitter which saw 90 percent of India platoon being sacked- Meta Author and CEO Mark Zuckerberg fired about 13 percent of the global pool and extended hiring snap through Q1 2023. Sources told that layoffs impacted the Meta India platoon across verticals, although the exact number of affected workers couldn’t be caught on.
The India unit of Meta did not immediately comment. Meta is likely to have up to 400 workers in the country, and its business is doing fairly well.
According to business intelligence platform Tofler, net profit of Facebook India Online Services, the registered entity of Meta, jumped to Rs 297 crore in FY22 in comparison to Rs 128 crore in FY21, while its revenues grew 56 percent to Rs 2,324 crore in FY22 from Rs 1,485 crore in FY21. Last week, Meta blazoned that its India head, Ajit Mohan, decided to step down from his part at the company to pursue another occasion.
Mohan has taken over the Indian operations of Snap, which is the parent company of Snapchat, which is growing exponentially in the country, especially among the youth.
Meanwhile, Zuckerberg said that as a severance measure, the company will pay 16 weeks of base pay, along with two fresh weeks for every time of service,” with no cap”.
” Outside the US, support will be analogous, and we’ll follow up soon with separate processes that take into account original employment laws,” he added.