Earlier quoted context omitted.
people have been saying this for 2 decades. I'll believe it when I see it.
rates haven't been rising for two decades.
there's been a new reason for why "this time is different" for the past 2 decades.
Meta and Google are cutting staff
21–30 of 408 posts
Re: Meta and Google are cutting staff
#22Earlier quoted context omitted.
It's cooling off. Zombie companies are going to have trouble continuing as rates rise.
people have been saying this for 2 decades. I'll believe it when I see it.
You haven’t noticed a bunch of multi bil tech cos down 90% in less than a year?
Carvana is the poster child of zombie tech co that only made sense in a zero rate environment. Many others like it.
Re: Meta and Google are cutting staff
#23Earlier quoted context omitted.
It's cooling off. Zombie companies are going to have trouble continuing as rates rise.
people have been saying this for 2 decades. I'll believe it when I see it.
Well, there was at least one significant downturn during that time. Raising rates are causing problems. This isn't an apocalyptic prediction.
Re: Meta and Google are cutting staff
#24This will be the trend among most tech companies. Very clear the market has now negatively reacted to high operating expenses that largely stem from excessive headcount. Most companies will likely not reduce pay if they can help it to maintain competitiveness, but if you’re a bottom or middle performer or on a non-revenue generating team suddenly your job security even at “safe” companies like Google is at risk.
> or on a non-revenue generating team
Apart from Search and AdSense, What team at Google isn't a non-revenue generating team?
Re: Meta and Google are cutting staff
#25This will be the trend among most tech companies. Very clear the market has now negatively reacted to high operating expenses that largely stem from excessive headcount. Most companies will likely not reduce pay if they can help it to maintain competitiveness, but if you’re a bottom or middle performer or on a non-revenue generating team suddenly your job security even at “safe” companies like Google is at risk.
Personally, being laid off sounds pretty good right about now. Paid vacation before going back into a hot job market for a full remote job.
> hot job market for a full remote job.
I honestly don't think there are that many remote jobs available that pay at the FAANG level, outside of FAANG companies, that is. Unless one goes into consulting, which comes with its own risks even during a non-turbulent and recession-proof market, which most definitely we don't have right now.
Re: Meta and Google are cutting staff
#26Some of these comments mentioned in the article coming from Meta's leadership about there being people who shouldn't probably be there or to get rid of coasters seems so inhumane and demoralizing. What kind of leadership is that? I mean it's understandable that businesses have to cut costs, but have some empathy, and understand how words affect people. Just wow. It's so cynical and depressing.
Re: Meta and Google are cutting staff
#27This will be the trend among most tech companies. Very clear the market has now negatively reacted to high operating expenses that largely stem from excessive headcount. Most companies will likely not reduce pay if they can help it to maintain competitiveness, but if you’re a bottom or middle performer or on a non-revenue generating team suddenly your job security even at “safe” companies like Google is at risk.
> or on a non-revenue generating team Apart from Search and AdSense, What team at Google isn't a non-revenue generating team?
GCP, GSuite, Google Play Services/Android, Pixel, YouTube, Maps, off the top of my head.
Re: Meta and Google are cutting staff
#28This will be the trend among most tech companies. Very clear the market has now negatively reacted to high operating expenses that largely stem from excessive headcount. Most companies will likely not reduce pay if they can help it to maintain competitiveness, but if you’re a bottom or middle performer or on a non-revenue generating team suddenly your job security even at “safe” companies like Google is at risk.
> or on a non-revenue generating team Apart from Search and AdSense, What team at Google isn't a non-revenue generating team?
Off the top of my head: Workspace, GCP, Android
Maybe they are not strictly black in the P&L sense, but they are strategic revenue-generating business priorities.
Re: Meta and Google are cutting staff
#29The article highlights that the easiest way for these companies to let go of staff right now is to dissolve entire teams. I've heard from friends that work at these companies that recent hiring freezes have actually made managers more hesitant to fire low performers because anyone they fire can't be replaced and they'd rather have a low performer than no one at all. The team dissolving process seems to sidestep this management hesitation to fire.
Re: Meta and Google are cutting staff
#30Earlier quoted context omitted.
I’m speaking more to the stock price than Meta’s actions. Shares trading lower than they were 5 years ago. And many of the unprofitable growth companies down 80-90% in less than a year. Point is tech companies are highly sensitive to interest rates and now have to course correct in a world where the market is punishing excessive spending.
The stock price dive at Meta is pretty clearly due to the $10B hit from Apple’s Do Not Track Feature. Meta should make a free Android phone that allows tracking.
Do not track is an easy scapegoat, but I think the rise of TikTok is a larger factor. Meta lost users.