The Tech Purge Isn't Over For Meta

There have been tens of thousands of job reductions announced by technology companies in the past few months. There seems to be no end in sight for Meta's wave of layoffs as the latest performance reviews indicate. 

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An unnamed person familiar with Meta's performance evaluation process told the Wall Street Journal that the company handed out thousands of subpar ratings to employees over the past few months, as well as a significant cut to a key bonus metric. 

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Meta could implement another round of cuts or employees might take the hint and move on, according to the Wall Street Journal. Upon being contacted by Barron's for a comment, Meta did not immediately respond to the request for information. 

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It was announced last year that Meta would be laying off approximately 11,000 employees or roughly 13% of its total workforce. Earlier this month, Facebook CEO Mark Zuckerberg responded to the CEO's statement by stating that the company was looking forward to removing some layers of middle management in order to ensure that 2023 will be a "year of efficiency." 

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A 1.0% drop in Meta shares was reported on Friday in premarket trading. 

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It's clear that the layoffs in the tech industry aren't slowing down. As part of its second round of layoffs in a matter of months, electronic-signatures company DocuSign announced Thursday that it would cut around 10% of its workforce. 

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As of the beginning of the year, the number of layoffs is close to 108,000, according to Layoffs.fyi, a website that tracks the news of job cuts announced by 377 tech companies.