Facebook's parent Meta is planning to slash another 10,000 jobs and will not fill 5,000 open positions as the social media giant cuts costs.

Chief executive Mark Zuckerberg said the company would reduce the size of its recruiting team and make further cuts in its tech groups in April, followed by its business groups in May.

"This will be tough and there's no way around that," he said. 

"It will mean saying goodbye to talented and passionate colleagues who have been part of our success.

"Overall, we expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven't yet hired."

The Californian company has invested billions of dollars to realign its focus on the 'Metaverse'.

In February it posted lower fourth-quarter profit and revenue, hurt by a downturn in the online advertising market and competition from rivals such as TikTok.

The latest job cuts comes after the company slashed 11,000 jobs in November.

"As I've talked about efficiency this year, I've said that part of our work will involve removing jobs -- and that will be in service of both building a leaner, more technical company and improving our business performance to enable our long term vision," he said. 

In early trading on Tuesday local time Meta shares rose six per cent.

AP