Meta Platforms, the parent company of social media giant Facebook, today announced its plans to cut 10,000 jobs this year, making it the first Big Tech company to announce a second round of mass layoffs as the industry braces for a deep economic downturn. The widely-anticipated job cuts are part of a restructuring plan that will see the company cancel hiring plans for 5,000 openings, eliminate lower-priority projects, and flatten layers of middle management.

The news has caused Meta’s shares to jump 6%, indicating investor confidence in the company’s plans to weather the economic storm. The job cuts come after Meta’s first mass layoff in the fall of 2022, which eliminated over 11,000 jobs, or 13% of its workforce at the time, after an extensive hiring spree that doubled the employee count it had as of 2020.

In a message to staff, Chief Executive Mark Zuckerberg acknowledged that the company had enjoyed rapid revenue growth for most of its history but called last year’s economic downturn a “humbling wake-up call.” Zuckerberg expressed his belief that the new economic reality may continue for many years and outlined his plans to further reduce the size of the recruiting team, which was hit hard by the fall layoffs.

Zuckerberg also said that the restructuring in the tech group would be announced in late April, while cuts to business groups would come in May. The majority of the job cuts would be announced in April and May, although some cuts may continue through the end of the year.

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The move by Meta Platforms to implement a second round of layoffs highlights the challenges that Big Tech companies are facing amid the ongoing global economic downturn. As companies seek to reduce costs and improve efficiencies, employees will need to adapt to changing job roles and requirements. However, with the right support and training, those affected by the layoffs may be able to find new opportunities and help support the ongoing growth of the industry.