US IT giant Meta Platforms, which operates Facebook, says it will cut more than 11,000 jobs, or about 13 percent of its entire workforce.

CEO Mark Zuckerberg made the announcement on Wednesday on the company's website.

Zuckerberg cited the "macroeconomic downturn," as well as increased competition and falling advertising sales, as reasons for the layoffs.

He also announced that his firm will freeze new hiring until March next year.

Zuckerberg said Meta boosted its investments, expecting demand for online commerce to continue to grow rapidly amid the coronavirus pandemic. But he said its earnings had fallen short of expectations.

Zuckerberg said, "I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I'm especially sorry for those impacted."

US media outlets reported this is the first major job cut since the company was established in 2004.

Meta's move comes as other US tech firms try to rein in labor costs amid a slowing economy.

Amazon announced on Thursday that it will freeze hiring for the next few months.

New Twitter CEO Elon Musk has laid off half of the company's global workforce after acquiring the social media platform.