Meta, which owns Facebook, Instagram and WhatsApp, has announced plans to cut another 10,000 jobs.
It will be the second wave of mass redundancies from the tech giant, which laid off 11,000 employees just four months ago.
Meta chief executive Mark Zuckerberg said the cuts - part of a "year of efficiency" - would be "tough"
In addition to the latest 10,000 jobs to go, 5,000 vacancies at the firm will be left unfilled.
In a memo yesterday, 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.
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 $23billion (£18billion) over the course of 2022.
Factors
Mr Zuckerberg cited higher interest rates in the US, global geopolitical instability and increased regulation as some of the factors affecting Meta, and contributing to the slowdown.
"I think we should prepare ourselves for the possibility that this new economic reality will continue for many years," he said.
The BBC says the latest job 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 lose more than 18,000 jobs because of "the uncertain economy" and rapid hiring during the 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 industry so far in 2023.
Mr Zuckerberg said the recruitment team would be the first to be told whether they were affected by the cuts, and would find out today.
Teams informed
He also outlined when other teams would be informed: "We expect to announce restructurings and lay-offs in our tech groups in late April 2023, and then our business groups in late May 2023," he wrote in the memo to staff.
"In a small number of cases, it may take through to the end of the year to complete these changes.
"Our timelines for international teams will also look different, and local leaders will follow up with more details."
Mr Zuckerberg said there would be no new hires until the restructuring was complete, adding that he aimed to make the company "flatter" by "removing multiple layers of management".