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Facebook-parent Meta Platforms (META.O) said on Tuesday it would cut 10,000 jobs this year, making it the first Big Tech company to announce a second round of mass layoffs as the industry braces for a deep economic downturn.

Meta shares jumped 6% on the news. The widely-anticipated job cuts are part of a restructuring that will see the company scrap hiring plans for 5,000 openings, kill off lower-priority projects and "flatten" layers of middle management.

They followed the company's first mass layoff in the fall, which eliminated more than 11,000 jobs, or 13% of its workforce at the time, after a hiring spree that doubled the employee count it had as of 2020.

Worries of an economic downturn due to rising interest rates have sparked a series of mass job cuts across corporate America in recent months. Tech companies have led the way, shedding more than 290,000 workers since the start of 2022, according to tracking site Layoffs.fyi.