Meta Platforms plans to cut another 10,000 staff. New layoffs are part of efforts to improve financial performance in the face of a difficult economic environment.

Company CEO Mark Zuckerberg cited rising interest rates, geopolitical instability, and increased regulation as factors slowing Meta Platforms’ growth and increasing its costs. “I think we should prepare ourselves for the possibility that this new economic reality will continue for many years. Given this outlook, we’ll need to operate more efficiently than our previous headcount reduction to ensure success.”

Meta Platforms also dropped plans to fill 5,000 open roles. Zuckerberg stated the company expects to detail cuts in its tech groups in late April with business groups to follow in May. He explained organizational leaders will unveil restructuring plans focused on flattening organizations, canceling lower-priority projects, and reducing hiring rates. Meta Platforms will further reduce the size of its recruiting team.