Meta will lay off an additional 10,000 employees through multiple rounds of cuts over the coming months and close hiring for 5,000 open roles, CEO Mark Zuckerberg announced on Tuesday. These cuts come just four months after the company laid off 11,000 employees last November.

The first wave of layoffs will start this week and impact Meta’s recruiting organization, followed by a second wave for tech roles in April and a third focused on business roles in May. “My hope is to make these org changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead,” Zuckerberg wrote in a memo to employees that was also posted on his Facebook page.

During an earnings call in February, Zuckerberg said he wants to make this the “year of efficiency,” even as the company continues to spend billions to build out its vision of the metaverse. He added that he plans on “flattening” the company’s “structure and removing some layers of middle management to make decisions faster.”

Despite sinking revenue and massive job cuts, Meta’s still betting big on the future. In addition to launching a new Quest 3 headset later this year, Meta’s looking to keep up with its Big Tech counterparts by establishing teams dedicated to building tools powered by artificial intelligence and AI “personas.” It’s also planning a bevy of AR and VR hardware devices over the next several years, including its first pair of AR glasses in 2027.

Other tech companies like Amazon, Google, and Microsoft announced layoffs affecting tens of thousands of workers in total earlier this year, with Spotify, Vimeo, and DoorDash also carrying out recent job cuts. Meta’s layoffs come on the heels of the collapse of Silicon Valley Bank, one of the most prominent banks in the tech industry.

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