The parent company of Facebook, Meta Platforms Inc has slashed 10,000 additional workers, becoming the first major internet corporation to do so as the sector braces for a severe economic slump.

The announcement was made by the company’s CEO, Mark Zuckerberg, against the backdrop of Meta shares rising 6% in response to the news.

The much-anticipated job losses are a part of a larger restructure that will also see the corporation ditch plans to hire for 5,000 vacancies, shelve lower-priority initiatives, and flatten middle management layers.

With the current step, Meta anticipates spending in 2023 to come in between $86 billion and $92 billion, lower than the $89 billion to $95 billion anticipated earlier.