The parent company of social media platforms like Facebook, Instagram and WhatsApp are letting go thousands of people amid the tech sector’s wider struggles.
Mark Zuckerberg, CEO and founder, called the decision “tough” and part of their “year of efficiency”.
The 38-year-old tech billionaire announced the news to staff in a memo where he explained the business had a “humbling wake up call” last year when it was hit with a dramatic slump in its revenue after they experienced a pip in growth amid the height of the COVID-19 pandemic and the social distancing measures.
Recently, Meta shared that the in last quarter of 2022, their sales were down four per cent compared to same period in 2021 while still managing to make $23 billion profit throughout the year.
Mark blamed the dip in Meta’s revenue on high-interest rates, geopolitical tensions and an upping of regulation as some of the reasons.
He said: "I think we should prepare ourselves for the possibility that this new economic reality will continue for many years,"
This newest round of redundancies comes as other tech giants like Google and Amazon have followed similar approaches to remain competitive in the ever-changing sector.
Other companies like Elon Musk's Twitter - who took over as CEO when he bought the microblogging site for $44 billion in October last year - have suffered immensely when they let go half of the staff, leaving it vulnerable to both service issues and lawsuits relating to wrongful termination.