Meta’s layoffs may not be finished yet.
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Technology companies have announced tens of thousands of job cuts this year. Judging by Meta’s latest performance reviews, the wave of layoffs might not be over yet.
Meta handed out thousands of subpar ratings to employees and cut a key bonus metric in a recent round of performance reviews, The Wall Street Journal reported, citing people familiar with the matter.
Employees might take the hint to move on or Meta could implement another round of cuts, according to the WSJ. Meta didn’t immediately respond to a request for comment from Barron’s.
Last year Meta said it would lay off about 11,000 employees or 13% of its workforce. CEO Mark Zuckerberg followed that up by saying earlier this month that the company would remove some layers of middle management as it focuses on making 2023 a “year of efficiency.”
Meta shares were down 1.0% in premarket trading on Friday.
Tech industry executives show little sign of easing off on layoffs. On Thursday, electronic-signature firm
DocuSign
said it would cut around 10% of its workforce, or 700 staff, in its second round of layoffs in a matter of months.
Close to 108,000 layoffs have been announced by 377 tech companies in 2023 so far, according to Layoffs.fyi, a site which tracks news of job cuts.
Write to Adam Clark at adam.clark@barrons.com
Credit: marketwatch.com