“Not only has online commerce returned to prior trends,but the macroeconomic downturn,increased competition,and ads signal loss have caused our revenue to be much lower than I’d expected,” Zuckerberg said in a blog post.

In a blog post,Zuckerberg said recruitment would be “disproportionately affected” and flagged a restructure of the “business teams”. People familiar with the talks said the cuts in Australia have been slower due to a requirement to consult affected staff. If a business is considering redundancy of 15 or more staff,it needs to give written notification to Services Australia of the proposed dismissals.

One area where Zuckerberg has cut costs over the past few months is the global news partnerships division,which has become more focused on creating video content. The cuts at Meta were made as the chairmen of Australia’s two largest media companies expressed confidence that they will be able to renegotiate deals with tech giants Google and Meta for use of their news content on the respective websites.

Nine Entertainment Co,publisher of this masthead,and News Corp Australia,owner ofThe Australian, The Herald Sun andThe Daily Telegraph,were among a group of companies to receive millions of dollars from Meta and search giant Google after the federal government introduce laws that would mandate payment for news content.

The news mediabargaining code was introduced last year after thecompetition regulator found there was an imbalance of bargaining power between media companies and digital platforms. However,the rhetoric by both platforms in other markets trying to introduce similar legislative measures has raised questions about the local commitment to renegotiating future deals.