Meta has announced 10,000 more job cuts

Meta has announced that it is cutting 10,000 more jobs.

The company - which owns Facebook and Instagram - announced the 'tough' step just four months after it axed 11,000 workers.

CEO and founder Mark Zuckerberg told staff in a company blog that Meta is also looking to ditch about 5,000 open job vacancies as part of his Year Of Efficiency push to slash costs and restructure the firm.

Meta will first trim the size of its recruiting team, followed by layoffs in its tech groups in late April, before cutting roles across its business groups in late May.

Koshiro K / Alamy Stock Photo

Zuckerberg said: "This will be tough and there’s no way around that.

"It will mean saying goodbye to talented and passionate colleagues who have been part of our success.

"They've dedicated themselves to our mission and I'm personally grateful for all their efforts. We will support people in the same ways we have before and treat everyone with the gratitude they deserve."

Last month, the California-based firm posted lower profits for the final three months of 2022 after it took a hit from a slump in the online advertising market, wider economic woes and increasing competition from rivals such as TikTok.

Zuckerberg warned Meta would face trading pressures for 'many years'.

"I think we should prepare ourselves for the possibility that this new economic reality will continue for many years," the 38-year-old said.

"Higher interest rates lead to the economy running leaner, more geopolitical instability leads to more volatility, and increased regulation leads to slower growth and increased costs of innovation.

"Given this outlook, we'll need to operate more efficiently than our previous headcount reduction to ensure success."

Meta joins a raft of rivals, such as Microsoft, Amazon and Google owner Alphabet, in trimming their workforces amid fears of a slowdown in demand as the US and global economy slows.

Google's parent firm said in January it was laying off 12,000 workers, just days after software giant Microsoft said it was cutting about 10,000 staff.

Meta is also rolling out a verified subscription service in a bid to increase revenue.

For $11.99 per month (£10) on the web or $14.99 (£12.50) per month on Apple and Android operating systems, Meta will use a government identification to verify a user's account and give it a blue badge.

Meta Verified users will also get access to exclusive features and increased visibility and reach.

Signing off his message to staff announcing the latest round of job cuts, Zuckerberg said: "Change is never easy, but I know we'll get through this and come out an even stronger company that can build better products faster and enable you to do the best work of your careers."