Grafana Labs undertook a performance optimization project for their product by first conducting an audit using Google's Lighthouse suite to identify key areas needing improvement, particularly focusing on the size of JavaScript resources being downloaded. The audit revealed that a significant portion of resources was unused, prompting the use of webpack's dynamic imports to implement lazy loading for infrequently used large packages and route-based code splitting. These changes led to noticeable improvements in performance metrics such as First Contentful Paint and Speed Index. The optimization process also included adopting HTTP/2 and making additional refinements based on a GitHub repository's recommendations for optimizing common dependencies. Future plans include reducing HTML size and cleaning up CSS to further enhance performance.