The firm said that it is taking the step to reduce costs at the social-media platform following disappointing earnings, soaring costs, and a weak advertising market.
“I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I’m especially sorry to those impacted," Chief Executive Officer Mark Zuckerberg said in a statement.
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Considering the global layoff this week, here is a a list of renowned firms which reduced its staff in just a month:
Twitter: Following Elon Musk took over the social media firm, it has fired over 50 per cent of it staff.
Cameo: American video-sharing website headquartered in Chicago also has laid off about 25 per cent of its staff.
Robinhood: Another American financial services company headquartered in California's Menlo Park has reportedly laid off 23 per cent of its staff within a month.
Intel: American multinational corporation and technology company headquartered in Santa Clara has meanwhile, Fired 20 per cent of its staff.
Similarly, Snapchat, Coinbase, Opendoor, Stripe, Lyft and Shopify have laid 20, 18, 18, 14, 13 and 10 per cent staff.
All the firms have either reason it to post-COVID-19 effect on the financial earnings or geo political crisis.
