Meta has announced it will cut 10% of its workforce, eliminating 8,000 positions as part of cost-cutting efforts. The social media giant, which recently invested heavily in AI and metaverse projects, is streamlining operations amid slowing growth. This move aligns with broader tech industry trends of downsizing, though Meta’s scale of reduction is significant.

The company cited strategic realignment to prioritize high-impact areas, though specific departments losing staff were not revealed. Employees have been informed of the cuts, with Meta stating it will focus resources on core competencies like advertising and content moderation. These layoffs come as Meta faces rising competition from TikTok and pressure to deliver on its metaverse ambitions.

The company’s stock has also underperformed compared to rivals like Meta’s parent company, Facebook’s legacy units.