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Meta lays off 11,000 people

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Re: Meta lays off 11,000 people

#151

Post by gbil »

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://…

a few days ago I heard a new for me term and immediately I thought of gartner etc. And guess what, a quick google search and for sure gartner created that term

I wouldn't be surprised therefore if the structure/content is part of a consulting company's latest material

Re: Meta lays off 11,000 people

#152

Post by jannes »

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?

Shouldn't salaries just go down to pre-pandemic levels like the headcounts? (not even sure if they increased during the pandemic)

According to the companies that's all that's happening here.

Re: Meta lays off 11,000 people

#153

Post by rco8786 »

tifadg1 wrote: post #137
whatwherewhy wrote: post #52

Earlier quoted context omitted.

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.

Same

Re: Meta lays off 11,000 people

#154

Post by nibbleshifter »

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://…

> Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended

Who predicted this?

The general consensus among folks I know was that the economy was in for an ass blasting once the pandemic supports were removed.

Re: Meta lays off 11,000 people

#155

Post by twawaaay »

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://…

I do not believe the statement.

Whatever the reasons were (and we can probably guess some of those), they probably spent significant effort to picture it in the most palatable way possible.

My take would be:

* They hired a lot of people in a short time and with this probably their productivity fell a lot. They want to remove ballast and hopefully improve average productivity.

* They are scared about falling share price. A lot of Meta employees get significant part of their comp in form of shares and so falling share price will mean their best people are going to start to leave or they will have to increase their comp considerably. So they are looking to appease investors by cutting costs.

* They are loosing users and expect to start loosing ad revenue. Having on idea how to improve their revenue the only way out to stay in the game for longer is to start cutting costs more aggresively.

* They have no idea what to do with all those people they have hired because their CEO is doing something else at the moment. And (in my experience, not based on facts) the culture at Meta is very likely that everybody is looking up to CEO or nothing happens.

Re: Meta lays off 11,000 people

#156

Post by danpalmer »

nomilk wrote: post #147

> the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected What's "ads signal loss"? Is that iPhone asking for permission to track activity across apps, causing less accurate ad placement?

Yes. That and other similar efforts such as phasing out third party cookies.

Re: Meta lays off 11,000 people

#157

Post by personjerry »

lvl102 wrote: post #69
CarbonCycles wrote: post #51

I agree. Two very different business responses between Musk and Zuck. I almost feel sorry for Zuck as we are witnessing meltdowns of two large companies in real-time. Musk just continues to dig his own grave… I feel bad for the ppl losing their jobs but that is a very generous severance package.

Zuck did it himself too. No one told him to go all-in on VR. No one. All he had to do was tackle payment and maybe cloud. He first went for crypto and then is in the process of failing with VR. Meta really needs to be in the cloud business.

You have to make big bets to continue winning. It's easy for us to sit in our armchairs and criticize their failures, but for example their plays with going mobile-first in 2008 and the acquisition of Instagram in 2012 worked out very well.

Re: Meta lays off 11,000 people

#158

Post by xbmcuser »

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 think the pay will go down its the meta and google etc that have been pushing up the salaries without the demand from them the pressure on salaries will bring them down.

Re: Meta lays off 11,000 people

#159

Post by akmarinov »

nomilk wrote: post #147

> the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected What's "ads signal loss"? Is that iPhone asking for permission to track activity across apps, causing less accurate ad placement?

They've been milking that for almost 3 years now...

Re: Meta lays off 11,000 people

#160

Post by Barrin92 »

nomilk wrote: post #147

> the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected What's "ads signal loss"? Is that iPhone asking for permission to track activity across apps, causing less accurate ad placement?

yes. it's the changes Apple made to app tracking. IIRC Facebook earlier this year itself stated that it would cost them up to ten billion in sales.
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