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Lyft lays off 17% of workforce, furloughs hundreds more

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Re: Lyft lays off 17% of workforce, furloughs hundreds more

#81

Post by three_seagrass »

reaperducer wrote: post #64
stephencoyner wrote: post #19

This seems like a great time for Amazon or Google to buy Lyft. Amazon could bundle rides with package deliveries and get the pre-existing driver and passenger network from Lyft. Lyft was actually telling drivers to work with Amazon when the pandemic started (1). Waymo could take Lyft’s aggregated rider demand. They already have a partnership to transfer autonomous rides from Waymo to Lyft during bad weather situation…

This seems like a great time for Amazon or Google to buy Lyft Or maybe Apple. Apple has been pouring millions into improving its street views in Apple Maps. It should buy Lyft. Pay the drivers an extra $x/mile to clamp the Apple Maps image gathering device to the roofs of their cars. The drivers win because they get a bump in income in an industry that's already hurting. Apple wins because it gets up-to-date informat…

This gives you high frequency data of common roads at an incredible cost. Street views only need very low frequency data of all roads, so you'd be paying a premium for data that isn't needed while still having a gap.

Re: Lyft lays off 17% of workforce, furloughs hundreds more

#82

Post by elliekelly »

xapata wrote: post #55
qqssccfftt wrote: post #23

Earlier quoted context omitted.

Just FYI, you're shadowbanned.

There's usually a pretty good reason for that. Notifying the person starts the process over.

I was once shadow banned because I had submitted a link incorrectly (switched the link & the title which apparently many bots do). I emailed dang and he sorted it out in a matter of minutes.

In my experience the mods are super responsive and more than willing to look into things & hear you out. If this person cares enough to reach out about it they should have the opportunity. And if they’ve been shadow banned for a good reason I imagine they would be told as much.

Re: Lyft lays off 17% of workforce, furloughs hundreds more

#83

Post by code4tee »

corporateslave5 wrote: post #75
baron_harkonnen wrote: post #63

Earlier quoted context omitted.

This will play our more like the dotcom burst than the 2008 crisis. For most younger people here this may come as a shock but tech jobs can disappear, for years. The job market in 2019 felt a lot like the job market in 1999, people rushing to get upskilled so that they could get into software and make ridiculous money. After the dotcom burst huge number of people left tech, or at least left the world of software deve…

People have been calling software engineering wages a bubble for 20 years, and trying to call “the end of tech”. I just don’t see it, highly proficient software engineers are more valuable than ever. The wages are higher than ever. Going forwards, tech is really the only engine of growth in the American economy. Trying to say tech will be under for years is like saying the USA will be in a massive recession for years…

What’s happening now is very analogous to the 2000 dot.com crash. The economy overall will recover, albeit slowly. However companies are questioning why they need 100 engineers instead of 50. That doesn’t just reverse itself overnight. As the OP said those that weren’t around the last time might find it hard to believe that tech jobs really just disappear for years.

Re: Lyft lays off 17% of workforce, furloughs hundreds more

#84

Post by three_seagrass »

MiroF wrote: post #27
dodobirdlord wrote: post #7

Earlier quoted context omitted.

Paying people in stock and performance bonuses is ideal during a downturn. It doesn't cost the company anything to pay people in stock, since it just siphons off value from all existing stock, and nobody's getting their performance bonus!

> anything to pay people in stock, since it just siphons off value from all existing stock wait what?

Creating new shares dilutes the existing share value. Paying employees in shares means you're diluting the stock value every time.

Of course, for most publicly traded companies there are so many outstanding shares that this is negligible.

Re: Lyft lays off 17% of workforce, furloughs hundreds more

#85

Post by empath75 »

corporateslave5 wrote: post #75
baron_harkonnen wrote: post #63

Earlier quoted context omitted.

This will play our more like the dotcom burst than the 2008 crisis. For most younger people here this may come as a shock but tech jobs can disappear, for years. The job market in 2019 felt a lot like the job market in 1999, people rushing to get upskilled so that they could get into software and make ridiculous money. After the dotcom burst huge number of people left tech, or at least left the world of software deve…

People have been calling software engineering wages a bubble for 20 years, and trying to call “the end of tech”. I just don’t see it, highly proficient software engineers are more valuable than ever. The wages are higher than ever. Going forwards, tech is really the only engine of growth in the American economy. Trying to say tech will be under for years is like saying the USA will be in a massive recession for years…

When you've got 100s of thousands of unemployed talented engineers on the market, you're not going ot be able to sustain $200k salaries for people who know how to write a yaml file for long.

Re: Lyft lays off 17% of workforce, furloughs hundreds more

#86

Post by empath75 »

asdff wrote: post #17
JMTQp8lwXL wrote: post #15

Lyft is up 5% today, but the market (S&P 500) is generally up 2.94%.

Both uber and lyft are flying today. Most people see cutting jobs as a bad thing, market probably sees it as a cost savings and great business decision.

stocks almost always bounce after layoffs.

Re: Lyft lays off 17% of workforce, furloughs hundreds more

#87

Post by formercoder »

dodobirdlord wrote: post #7
user5994461 wrote: post #4

Earlier quoted context omitted.

>>> base pay reductions of 30% for executive leadership Aren't executives mostly paid in stock and bonus?

Paying people in stock and performance bonuses is ideal during a downturn. It doesn't cost the company anything to pay people in stock, since it just siphons off value from all existing stock, and nobody's getting their performance bonus!

There really is a cost to paying people in stock. That's why SBC is on the income statement. Additionally, analysts will often not add SBC back to cash flows.

Re: Lyft lays off 17% of workforce, furloughs hundreds more

#88

Post by ryanmarsh »

reaperducer wrote: post #64
stephencoyner wrote: post #19

This seems like a great time for Amazon or Google to buy Lyft. Amazon could bundle rides with package deliveries and get the pre-existing driver and passenger network from Lyft. Lyft was actually telling drivers to work with Amazon when the pandemic started (1). Waymo could take Lyft’s aggregated rider demand. They already have a partnership to transfer autonomous rides from Waymo to Lyft during bad weather situation…

This seems like a great time for Amazon or Google to buy Lyft Or maybe Apple. Apple has been pouring millions into improving its street views in Apple Maps. It should buy Lyft. Pay the drivers an extra $x/mile to clamp the Apple Maps image gathering device to the roofs of their cars. The drivers win because they get a bump in income in an industry that's already hurting. Apple wins because it gets up-to-date informat…

Apple would only buy Lyft if they could control the brand experience to a level that just isn't possible at scale with humans as the primary service delivery (cough) vehicle.

Consider the Apple retail experience. Retail is relatively easy to train for, there's a big labor pool to pick from, and with Apple's revenue/sq.ft. they can afford to compete for good staff.

Now consider the sum of your Uber/Lyft experiences and the scale of the problem. Is it reasonable to expect an Apple retail level experience in the ride app space? Even with a tolerable up-charge?

Retail experiences have always varied with some brands able to offer consistently stellar experiences. Tiffany comes to mind. In all my adult years hailing a car has always been a total shit show except at the most extreme price points. I won't speculate as to why, I'm just saying, the quality problem of mass small auto ride hailing has yet to be fixed by anyone.

Re: Lyft lays off 17% of workforce, furloughs hundreds more

#89

Post by corporateslave5 »

empath75 wrote: post #85
corporateslave5 wrote: post #75

Earlier quoted context omitted.

People have been calling software engineering wages a bubble for 20 years, and trying to call “the end of tech”. I just don’t see it, highly proficient software engineers are more valuable than ever. The wages are higher than ever. Going forwards, tech is really the only engine of growth in the American economy. Trying to say tech will be under for years is like saying the USA will be in a massive recession for years…

When you've got 100s of thousands of unemployed talented engineers on the market, you're not going ot be able to sustain $200k salaries for people who know how to write a yaml file for long.

Not when the FED is printing so much money. That money has to go somewhere, and a lot of it ends up funding new startups and new corporate debt.

Re: Lyft lays off 17% of workforce, furloughs hundreds more

#90

Post by empath75 »

peder wrote: post #50
asdff wrote: post #17

Earlier quoted context omitted.

Both uber and lyft are flying today. Most people see cutting jobs as a bad thing, market probably sees it as a cost savings and great business decision.

Lyft and Uber are disproportionately impacted by coronavirus news, and the remdesivir drug trial seems to have been a success, so Lyft and Uber are up more than the rest of the market.

> and the remdesivir drug trial seems to have been a success,

it's what now? I haven't seen any data, including the report today, that it made a significant impact.

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