The parent company of Facebook, Meta, sacked 13 per cent of its staff, or nearly 11,000 employees.
Wall Street Journal reported that Meta CEO Mark Zuckerberg on Wednesday confirmed the job cuts across the company.
According to media reports, people who lose their jobs will be offered a severance package of four months.
The lay-off is part of the company's efforts trim losses in the wake of poor earnings and weakened advertisement revenues.
This is the first job cut in Meta's 18-year history. This summer, Meta posted its first quarterly revenue decline in history, followed by another, bigger decline in the fall.
Meta is following the global trend of job cuts caused by an economic slowdown. Last week, Twitter laid off about half of its 7,500 employees.
Meta has worried investors by pouring over $10 billion a year into the metaverse as it shifts its focus away from social media.
Zuckerberg predicts the metaverse, an immersive digital universe, will eventually replace smartphones as the primary way people use technology.
—With PTI inputs
