Meta, the parent company of Facebook, plans to lay off another 10,000 workers, signalling the tech giant's second round of significant job cuts in four months.

CEO Mark Zuckerberg announced the employment cuts in a Facebook post on Tuesday, saying they would happen gradually over the coming months.

We expect to announce restructurings and layoffs in our tech groups in late April, and then our business groups in late May,” he wrote.

Mark Zuckerberg said, Overall, we expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven’t yet hired.

This will be difficult, there is no way around it. "We will have to say goodbye to talented and passionate colleagues who have contributed to our success," Zuckerberg said on Tuesday.

Last month, the company stated that a drop in online advertising and competition from other social media platforms had both had an effect.

Meta has also invested billions of dollars in the metaverse, an online virtual world that combines aspects of augmented reality, virtual reality, avatars, and other forms of communication.

Because of declining marketing budgets and declining revenues, the business is "desperate to get expenses under control," according to Hargreaves Lansdown analyst Susannah Streeter.