They should only keep the engineers that remember how to solve leetcode hard problems /s
Meta announces hiring freeze, warns employees of restructuring
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Re: Meta announces hiring freeze, warns employees of restructuring
#12My uneducated opinion is this company had some downsizing and restructuring coming. But the leading edge of a big wave of downsizes might look like this, too.
Yeah, I'm with you, and then I read 83K employees doing Metaverse? Simply amazing! That must be at least 20 billion dollars a year! The correction in the tech sector has plenty more correcting to do it seems.
Re: Meta announces hiring freeze, warns employees of restructuring
#13Tech is reflexive. Since most tech/saas companies sell/support other saas companies, they all go down. Think about all the startups who rely on AWS, Apple computers, and Facebook ads. What happens when they all die? The tech bull run is over, and we'll find out where the bodies lie soon.
This is really hyperbolic. Facebook is not even closely comparable to those. Additionally, there's no market indication that won't be a need for services like AWS or hardware provided by Apple. It's really weird how many people seem to _want_ the tech industry to just wither and die. It's unlikely and unrealistic. There may be a sharp correction, but it's unrealistic to think that the behemoths with a moat are going…
No one said anything about tech dying (I said startups), but a repricing for sure.
We don't even know the market demand for these products because cheap money has made everyone a startup founder, and every company pivoted to providing a "tech" solution when it might not have been economically viable or provided any profit.
Re: Meta announces hiring freeze, warns employees of restructuring
#14My uneducated opinion is this company had some downsizing and restructuring coming. But the leading edge of a big wave of downsizes might look like this, too.
I doubt it.
My guess is Google/Alphabet will do the same, as they have too high a proportion of people doing things that are neither basic research or contributing to revenue in any way. You can see how that can happen when you have an unconstrained gusher of money. There's effectively zero feedback. However given the weakness of their management (see: gusher of money + lack of focus) it's unlikely that the cuts will make any difference either way. Probably many good people will simply take a buy out and then go get another interesting job.
Netfix? Given their culture and their market problems one could imagine it, but their culture seems to have steered them into trying to fight back. So probably not a big wave, just some trimming, as they have already done.
As for the rest of maAMA-n? They appear to be doing fine; Amazon's retail challenges are more than made up by AWS. Apple and MS are trundling along as if nothing is happening in the macroenvironment (and they each have 40+ years to have worked out their systems).
Re: Meta announces hiring freeze, warns employees of restructuring
#15Haven't they already been in a freeze since this spring? Or did they come out of it for a bit?
Re: Meta announces hiring freeze, warns employees of restructuring
#16My uneducated opinion is this company had some downsizing and restructuring coming. But the leading edge of a big wave of downsizes might look like this, too.
Yeah, I'm with you, and then I read 83K employees doing Metaverse? Simply amazing! That must be at least 20 billion dollars a year! The correction in the tech sector has plenty more correcting to do it seems.
That's the total Meta headcount, across Facebook, Instagram, Messenger, WhatsApp, Oculus, etc.
Re: Meta announces hiring freeze, warns employees of restructuring
#17My uneducated opinion is this company had some downsizing and restructuring coming. But the leading edge of a big wave of downsizes might look like this, too.
Yeah, I'm with you, and then I read 83K employees doing Metaverse? Simply amazing! That must be at least 20 billion dollars a year! The correction in the tech sector has plenty more correcting to do it seems.
Inverse QQQ?
Re: Meta announces hiring freeze, warns employees of restructuring
#18Tech is reflexive. Since most tech/saas companies sell/support other saas companies, they all go down. Think about all the startups who rely on AWS, Apple computers, and Facebook ads. What happens when they all die? The tech bull run is over, and we'll find out where the bodies lie soon.
Where exactly do you advertise your blue collar business if not on a Meta or Google property?
They don’t sell tech. They use tech. They sell ads.
I do agree that the bull run for companies that sell tech will subside, maybe over correcting in the short term.
Re: Meta announces hiring freeze, warns employees of restructuring
#19My uneducated opinion is this company had some downsizing and restructuring coming. But the leading edge of a big wave of downsizes might look like this, too.
I doubt it. My guess is Google/Alphabet will do the same, as they have too high a proportion of people doing things that are neither basic research or contributing to revenue in any way. You can see how that can happen when you have an unconstrained gusher of money. There's effectively zero feedback. However given the weakness of their management (see: gusher of money + lack of focus) it's unlikely that the cuts will…
Apple is down like 6% today on reports of soft iPhone sales. In an economy where people are actually belt tightening luxury hardware sales are not exactly recession proof
Re: Meta announces hiring freeze, warns employees of restructuring
#20I wonder what this means for people I know with accepted offers who haven't yet started.