Meta, which owns Facebook, Instagram and WhatsApp, has announced that it will cut 10,000 jobs, the BBC reports.
It will be the second series of mass redundancies from the tech giant, which laid off 11,000 employees in November 2022.
Meta chief executive Mark Zuckerberg said the cuts would be “tough”, and formed 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 he believed the company had suffered “a humbling wake-up call” in 2022 when it saw a slowdown in revenue.
Meta previously announced that, in the three months to December 2022, earnings were down 4% year-on-year – though it still managed to make a profit of more than $23bn over the course of 2022.
The cuts come as companies including Google and Amazon have been grappling with how to balance cost-cutting measures with the need to remain competitive.
At the start of this year, Amazon announced it planned to close more than 18,000 jobs because of “the uncertain economy” and rapid hiring during pandemic, while Google’s parent company Alphabet made 12,000 cuts.
According to layoffs.fyi, which tracks job losses in the tech sector, there have been more than 128,000 job cuts in the tech industry so far in 2023.