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Meta lays off 11,000 people

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Re: Meta lays off 11,000 people

#131

Post by KingOfCoders »

whatwherewhy wrote: post #52
nokeya wrote: post #32

So, after Twitter and Meta layoffs there will be around 15,000 people looking for the job. In one moment. With other layoffs it can be counted over 20,000 people IMHO. Will this over flood the market and bring expectations and salaries down?

In the small central EU country where I live, that wouldn't even saturate the open programmer positions - just about 1/10 of it. I'd be very surprised if it saturated the US market in any measurable way. If anything this just means these people will be working on more different products, and that means more opportunities for even more programmers in the future.

Did I misread or you live in a small central EU country with 200.000 open tech positions?

Re: Meta lays off 11,000 people

#132

Post by nemo44x »

pmontra wrote: post #41

> At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth. Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I did too, so I made the decision to significantly increase our investments. Unfortunately, this did not play out the way I expected. This is very similar to the Stripe layoff memo at https://…

It’s just corporate speak.

Re: Meta lays off 11,000 people

#133

Post by Bilal_io »

nixcraft wrote: post #46

All social media companies hire too many folks and now cutting expenses to meet their target for shareholders. Yet, only Twitter seems to get lots of backslashes compared to other FANGS. Why? I wonder if this relates to Elon Musks' ongoing outbursts on Twitter regarding his political and other conservative views. I believe I answered my own questions. Ha!

I don't think you're looking at this objectively. The way Musk handled the layoffs was reckless and without much thought other than "reduce cost immediately", the proof is they backtracked and tried to hire people back after realizing what a poopy mess they've created. That alone is ridiculous and warrants the backlash Musk/Twitter received.

From the looks of it, Zuckerberg handled this better than what anyone was expecting. Talk about under promising and over delivering

Re: Meta lays off 11,000 people

#134

Post by Abecid »

pmontra wrote: post #41

> At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth. Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I did too, so I made the decision to significantly increase our investments. Unfortunately, this did not play out the way I expected. This is very similar to the Stripe layoff memo at https://…

Holy shit you're right

Re: Meta lays off 11,000 people

#135

Post by pera »

I wonder why the two biggest recent layoffs were by the two largest (US-based) social networks, is this the end of an era? And where is all that advertisement money going now?

As a side note, it's crazy to think that Meta stocks are currently -75% from its peak last year.

Re: Meta lays off 11,000 people

#136

Post by SideQuark »

oblio wrote: post #70
nokeya wrote: post #32

So, after Twitter and Meta layoffs there will be around 15,000 people looking for the job. In one moment. With other layoffs it can be counted over 20,000 people IMHO. Will this over flood the market and bring expectations and salaries down?

Obviously, if this continues at this rate. We'll be able to judge in 3-6 months the full impact. Anyone who tells you otherwise is living in Lalaland. The main thing is figuring out what's the full impact. If it's 10%+ of tech workers, the golden days are over for the vast majority of tech workers.

The US alone has over 12 million people in tech. This few workers, for a field that has incredibly low unemployment and lots of open positions, is not going to have a problem absorbing newly unemployed.

Re: Meta lays off 11,000 people

#137

Post by tifadg1 »

whatwherewhy wrote: post #52
nokeya wrote: post #32

So, after Twitter and Meta layoffs there will be around 15,000 people looking for the job. In one moment. With other layoffs it can be counted over 20,000 people IMHO. Will this over flood the market and bring expectations and salaries down?

In the small central EU country where I live, that wouldn't even saturate the open programmer positions - just about 1/10 of it. I'd be very surprised if it saturated the US market in any measurable way. If anything this just means these people will be working on more different products, and that means more opportunities for even more programmers in the future.

I'm quite interested in learning which small central EU country has 150k outstanding programming jobs.

Re: Meta lays off 11,000 people

#138

Post by paulgb »

habinero wrote: post #101
oblio wrote: post #70

Earlier quoted context omitted.

Obviously, if this continues at this rate. We'll be able to judge in 3-6 months the full impact. Anyone who tells you otherwise is living in Lalaland. The main thing is figuring out what's the full impact. If it's 10%+ of tech workers, the golden days are over for the vast majority of tech workers.

Y'all. It's not eng being laid off. Or, at least, only marginally. This letter says mainly recruiting and biz depts.

It says those will be “disproportionately affected”, but that could just mean that they represent (say) 10% of the layoffs even though they make up 5% of the team. It doesn't mean that the layoffs are mostly those folks.

Re: Meta lays off 11,000 people

#139

Post by meta_gone »

fumblebee wrote: post #112
meta_gone wrote: post #84

Got cannned today. At least the severance is good

What did the process look like? Did you find out first from HR, from Zuck's memo, your manager, or was your laptop just remotely KO'd?

Email, then checked to see if I still had access. Still have workplace access weirdly.

Re: Meta lays off 11,000 people

#140

Post by meijer »

pmontra wrote: post #41

> At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth. Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I did too, so I made the decision to significantly increase our investments. Unfortunately, this did not play out the way I expected. This is very similar to the Stripe layoff memo at https://…

Is this even true? I thought the monetary policy of the Fed (as a reaction to Covid) simply made investments cheaper.
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