Meta notified employees Tuesday that it plans to lay off the lowest-performing 5% of its staff, or roughly 3600 people. Why it matters: It's the third round of major layoffs at Meta in the past three years.

Meta will soon lay off more “low-performers” across the company, according to an internal memo from CEO Mark Zuckerberg that was shared by a source at the company. “I’ve decided to raise the bar on performance management and move out low-performers faster,