Meta platforms confirmed on Tuesday that a further 10,000 jobs will be cut in anticipation of an economic downturn.

Meta announced on Tuesday they will be cutting 10,000 jobs because of the current economic climate. The company has been forced to reduce operating costs and look for ways to optimise as completion from TikTok and other platforms grows. Demand for Meta products and services are stable right now, however, Mark Zuckerberg has said 2023 will be the “year of efficiency “and that layers of management are to be removed. The company has stated that it is taking steps to ensure that those affected are given the necessary support, such as access to severance packages and job placement services. It is hoped these efforts will help those impacted by this difficult decision to quickly recover from the situation.

Meta has also promised to invest in its remaining employees who are staying with the company. It plans to dedicate resources to training and development programs aimed at improving employee skills so that they can become better equipped for the changing demands of the market. This is just one example of how Meta is attempting to try and weather this difficult time, while still maintaining its commitment to service excellence. “We don’t expect to grow headcount as quickly, it makes more sense to fully utilise each manager’s capacity and defragment layers as much as possible,” Zuckerberg said in a recent statement.

Meta shares have jumped 6% on this news as investors are confident that cost-cutting will lead to better profit margins and a stronger team.