February 8, 2024 9:35pm | 2 minute read
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mark zuckerberg-led Meta Platforms Co., Ltd. (NASDAQ:META) has reportedly decided not to renew the lease for seven floors of office space in Singapore, a move that follows a series of global job cuts.
what happened: Parent company of Meta Platforms. Facebook, Instagram and whatsapp Bloomberg reported (via Business Times) that the lease for seven floors of office space in Singapore’s South Beach Tower will not be renewed. samantha tangeneral manager of developer South Beach Consortium Pte.
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The 115,000-square-foot lease is set to expire at the end of September.
The decision not to renew the lease was made last June, just three months after a wave of global layoffs at Meta in March.
The company began moving employees out of its South Beach Tower office in the first half of last year and consolidated its team into an office at Marina One in the financial district, the report said.
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Why it’s important: Starting in the second half of 2022, Metaplatforms will implement cost reduction measures, including layoffs.
Despite the layoffs, the company was able to announce plans for an additional $50 billion in share buybacks and its first quarterly dividend, which was well received by investors.
Meanwhile, it was reported earlier this month that Meta had decided to increase employee bonuses following a strong fourth quarter. The company witnessed significant growth in revenue, profits, and user base.
The bonuses will be made available to employees this month and paid out in March, based on individual performance rankings.
Meta Platforms reported fourth-quarter revenue of $40.11 billion, an increase of 25% year-over-year. Total revenue exceeded the consensus estimate of $39.17 billion, according to data from Benzinga Pro.
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S&P500 hits a new all-time high!
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