Facebook bounces back

FACEBOOK has bounced back from the pandemic slump in Spain, as the social media giant recorded a 37 per cent surge in sales, raking in €2.72 million in profits in 2021.

In data released on Thursday, March 9, the company reported a net income of €33 million, which is a 14.8 per cent increase compared to the previous year. The company’s earnings were up from a loss of €432,000 in 2020 when the pandemic caused widespread lockdowns.

The increase has also been attributed to the company’s structure. Facebook’s primary revenue stream in Spain comes from the sale of advertising services from its Irish parent company. Some of the data dates back to before the company changed its name to Meta. With plans to invest heavily in Spain, including building a data centre in Talavera de la Reina and hiring 2,000 people to work on its Meta projects, Facebook’s presence in the country is only set to grow. And while the company had to lay off 11,000 employees at the end of 2021, it is now poised for new job hirings and investment in Spain’s national economy.