Revenues rise to over €1bn per week at Meta’s Dublin HQ

Revenues at the Dublin-based international HQ for Meta increased last year by €5.7bn from €52.32bn to €58.05bn – or average weekly revenues of €1.1bn.

New accounts filed with the Companies Office by Meta Platforms Ireland Ltd, whose parent operates Facebook and Instagram, show that after the 11pc increase in revenues, the company’s pre-tax profits increased by 47pc, rising from €1.18bn to €1.75bn.

Pre-tax profits were hit at the company after Meta Platforms Ireland Ltd set aside an additional €1.43bn for potential regulatory fines.

A note explains that the regulatory compliance provisions relate to amounts identified for administrative fines arising from various ongoing investigations or decisions by relevant data protection supervisory authorities.

The revenues recorded account for 54.5pc of Meta’s global revenues of $116.6bn (€106.5bn) for 2022.

The directors for the Irish arm say the company “has continued to grow during the year. Substantially all revenue is generated from advertising”.

The firm recorded a post-tax profit of €1.21bn after incurring a corporation tax charge of €535.93m.

The accounts disclose that during the year, the company paid a dividend of €3.7bn to its parent company, Facebook International Operations Ltd.

Last year, Meta axed around 350 roles at its Irish base and the directors say the company recorded severance expenses of €22.5m. In May, Meta announced another round of job losses where up to 490 jobs were expected to be cut here.

Last year, average headcount at the business increased by 9pc, with employee numbers rising from 2,440 to 2,662.

Staff costs increased by €93.4m, or 22pc, from €425m to €518.48m.

Combined salary costs of €335.14m and share-based payments of €88.3m amounting to €423.44m show average pay for Meta workers at €159,070 for 2022.

A breakdown of the roles show 924 in community operations, 710 in admin, 607 in sales and 421 in engineering.

Directors received pay of €1.9m along with €4m under long-term incentive schemes. A note states other director payments in connection with retirement from office amounted to €100,000.

Last year, Meta scaled back its plans for its new European HQ in Dublin 4 and the accounts disclose that the company’s profits sustained a €221.3m impairment charge for tangible assets “as a result of implementing a facilities consolidation strategy impacting leased office buildings”.

The company’s cash funds declined from €6.08bn to €2.3bn.

Reporting On:www.independent.ie