Meta, which owns Facebook, Instagram, and WhatsApp, has announced that it will cut 10,000 jobs.
It will be the second series of mass redundancies from the tech giant, which laid off 11,000 employees in November last year.
Meta's chief executive officer, Mark Zuckerberg, said the cuts would be tough, and were part of a year of efficiency.
In addition to the 10,000 jobs being lost, 5,000 open roles at the company will be left unfilled.
Mr Zuckerberg told staff in a memo that he believed the company had suffered a humbling wake-up call last year when it saw a slowdown in revenue.