Meta, the parent company of Facebook, is set to cut an additional 10,000 jobs and leave 5,000 open positions unfilled as it seeks to reduce costs. The company also plans to downsize its recruiting and tech teams, with further cuts to business groups slated for late May. Mark Zuckerberg, Meta’s CEO, acknowledged the difficulty of the decision, stating that it will require saying farewell to talented and passionate colleagues. Meta invested billions to focus on the metaverse, posting lower profits and revenues in February due to market competition from companies such as TikTok. The company previously announced 11,000 job cuts in November. Meta’s shares rose 6% in early trading.

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