Meta, the company of Facebook and Instagram, will fire another 10,000 employees.

 To weather the global economic slump, Meta is the newest significant company to take the axe. Just four months after the company announced a more than 11,000-employee reduction in its global staff, fresh job layoffs have been announced. Facebook and Instagram's parent company, Meta, is eliminating 10,000 more positions to reduce costs.

The company declared on Tuesday that it would cut back on the size of its hiring team and further IT and business group staff beginning in late April. CEO Mark Zuckerberg stated, "We anticipate cutting our team size by about 10,000 individuals and closing about 5,000 additional open roles that we still need to hire.

There is no escaping the truth that this will be challenging. It will require saying goodbye to talented and driven teammates who have aided our success.

It occurred only four months after Meta, spending billions of dollars to create the new metaverse, reduced its global workforce by more than 11,000 workers. It is one of many large corporations using the axe to cut expenses to weather a global economic crisis.

Slow customer demand and rapid interest rate increases have caused companies like Amazon, Twitter, and Microsoft to trim their workforce. The most recent layoffs at Meta are part of a larger reorganization at the software company that will cause the corporation to terminate lower-priority projects, drop hiring rates, and flatten layers of middle management.

On hearing the news, Meta stock increased 6%.

Mr. Zuckerberg has promised to make 2023 the "year of efficiency," with cost reductions of $5 billion in expenses to between $89 billion and $95 billion.

In a statement to the employees on Tuesday, he added, "I think we should brace ourselves for the prospect that this new economic reality will remain for many years, according to tracking website layoffs. Fyi, the tech sector has fired more than 280,000 workers since 2022, roughly 40% of those firings occurring this year.