Mark Zuckerberg-led Meta Platforms Inc. META has reportedly decided not to renew its lease for seven floors of office space in Singapore, a move that comes in the wake of a series of global layoffs.
What Happened: Meta Platforms, the parent company of Facebook, Instagram and WhatsApp will not be renewing its lease for seven floors of office space at South Beach Tower in Singapore, reported Bloomberg (via Business Times), citing Samantha Tan, general manager of developer South Beach Consortium Pte.
The lease, which amounts to 115,000 square feet, is set to expire at the end of September.
The decision to not renew the lease was made in June last year, just three months after a series of global layoffs at Meta in March.
The company began moving its staff out of the South Beach Tower offices in the first half of last year, consolidating its teams at its office in Marina One in the financial district, the report noted.
See Also: Mark Zuckerberg Says Threads Exploded Too Soon, But Now It's ‘On Track To Be A Major Success'
Why It Matters: Meta Platforms has been implementing cost-cutting measures, including layoffs, since late 2022.
Despite the layoffs, the company has been able to announce plans for an additional $50 billion in stock buybacks and its first quarterly dividend, which has been well-received by investors.
Meanwhile, earlier this month, it was reported that Meta has decided to increase its employee bonuses following a stellar fourth quarter. The company witnessed significant growth in revenue, profits, and user base.
The bonuses, based on individual performance rankings, will be disclosed to employees this month and paid out in March.
Meta Platforms reported fourth-quarter revenue of $40.11 billion, which was up 25% year-over-year. The revenue total beat a Street consensus estimate of $39.17 billion according to data from Benzinga Pro.
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