Meta has announced it will cut a further 10,000 jobs following a similar exercise late last year.

Framing the latest layoffs as being part of Meta’s “year of efficiency”, Meta chief executive Mark Zuckerberg said in a memo that the company is set to announce restructuring plans focused on “flattening our orgs, cancelling lower priority projects, and reducing our hiring rates.”

He went on to say that cutting jobs was part of Meta’s vision to become a leaner, more technical company with improved business performance.

Meta previously eliminated around 13 per cent of its headcount, totalling around 11,000 employees.

At the time, Zuckerberg said cost-cutting measures were required due to overinvestment in e-commerce.

“Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected,” he said.

The announcement is the latest in a wave of tech sector layoffs which began last year.

Meta’s fresh round of layoffs most recently follows Google parent company Alphabet’s announcement that it will be cutting six per cent of its workforce, around 12,000 employees.

Alphabet chief executive Sundar Pichai said at the time the job cuts were a move to ensure roles were aligned with its "highest priorities as a company".

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