In a statement Meta chief executive, Mark Zuckerberg, said the cuts were “the most difficult changes we’ve made in Meta’s history […] I know this is tough for everyone, and I’m especially sorry to those impacted.”

Zuckerberg blamed long-term expectations for growth based on the firm’s rise in revenue during the pandemic.

“Many people predicted this would be a permanent acceleration,” he wrote, “I did too, so I made the decision to significantly increase our investments.” Instead he said “macroeconomic downturn” and “increased competition” caused revenue to be much lower than expected

“I got this wrong, and I take responsibility for that,” he said.

Zuckerberg said the company would focus on high-priority growth areas, like AU, advertising, and “our long-term vision for the metaverse”.

Meta will also cut costs elsewhere – including reducing its spending on buildings and offices, and increasing desk-sharing. Affected Meta employees will receive an email soon, he said, and will have an opportunity to ask questions.