META, the parent organization of Facebook, Instagram and WhatsApp, will cut a further 10,000 jobs.
This is the second wave of redundancies from META, who cut their workforce by ten thousand in November.
Mark Zuckerberg, CEO of Meta has reportedy said the cuts would be “tough”.
There will also be a hiring freeze at the firm, with 5,000 vacancies not being filled.
In a memo, Mr Zuckerberg told employees he believed the company had suffered “a humbling wake-up call” in 2022 when it experienced a dramatic slowdown in revenue.
It seems that higher interest rates in the US is the central factor in this decision.
“This new economic reality will continue for many years,” Zuckerberg said.