Meta is going to cut costs by 10%, and some jobs will be cut.

Beijing, September 22 (Xinhua) Meta will cut costs by 10% or more in the coming months. Some jobs will be cut in the process of business restructuring, which is also one of the cost-cutting measures.

Second-quarter results released in July showed that Meta's costs rose 22% year-on-year, with total expenses reaching $20.4 billion. In order to stimulate growth, Meta invested heavily in meta-universe, but so far there has been no return. Not only that, revenue also declined in the second quarter compared with the same period a year earlier, and Meta expects a decline in the third quarter.

Chris Cox, Meta's chief product officer, once told employees that the company was in a difficult time and that the headwind was strong. Cox also said that in an environment of slowing growth, the team should not expect the company to add a large number of new employees and give more budget at this time to pursue more perfect execution.

Apple's enhanced iOS privacy feature has dealt a blow to Meta's advertising business, and TikTok's strong attack has made Meta even worse. Meta,Snap, Twitter and Pinterest also face the same challenges.

Meta shares have fallen 56% so far this year, compared with less than 20% for the s & p 500 and about 26% for the NASDAQ.