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.
The lay-offs come as the industry braces for a further economic slowdown due to rising interest rates.
The news sent up Meta shares by about six per cent, as investors hope for a more streamlined and efficient operation from the company.
The job cuts are part of a general restructuring being carried out by Meta, as the company froze hiring, halted lower-priority projects and reduced middle management.
Despite the cost cutting measures, Meta is however keen on its metaverse-oriented Reality Labs unit, pumping billions of dollars in the segment despite its $13.7 billion loss in 2022.
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