Meta lays off 11,000 people • Hacker News Board

Re: Meta lays off 11,000 people

#371

Post by stulentsev » Wed, Nov 09, 2022, 1:50 PM UTC

lafreb wrote: post #116

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://…

Not only the structure, the wording is also identical: "Today I’m sharing some of the most difficult changes we’ve made in Meta’s history." "Today we’re announcing the hardest change we have had to make at Stripe to date." "At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth." "At the outset of the pandemic in 2020, the world rotated overnight towards e-com…

- hey, can I copy your homework? - sure, but change it so it doesn't look like a copy

Re: Meta lays off 11,000 people

#372

Post by nikau » Wed, Nov 09, 2022, 1:50 PM UTC

Bilal_io wrote: post #133

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 ex…

Musks was the "press conference outside 4 seasons landscaping" equivalent

Re: Meta lays off 11,000 people

#373

Post by marcus0x62 » Wed, Nov 09, 2022, 1:51 PM UTC

curiousllama wrote: post #207

eschneider wrote: post #146

I'm old and this is the third time around for these sorts of layoffs in tech. (Was around for dot-com bust of 2000-ish and financial meltdown post-2008.) One thing you want to keep in mind is that decent severance packages are usually only a thing for the FIRST round of layoffs. There will be more, and the payouts will be a LOT worse. Just, FYI.

Are you referring to rounds at the same company, or rounds across the economy?

Not the OP, but what I’ve experienced is severance packages get worse across rounds at a single company. A previous employer started at 1 year pay / benefits, then six months, then six weeks + two weeks per year of service.

Re: Meta lays off 11,000 people

#374

Post by krn » Wed, Nov 09, 2022, 1:52 PM UTC

vxNsr wrote: post #341

buggythebug wrote: post #334

As a non-tech guy who follows the tech scene: 87000 people to run Facebook sounds a little ridiculous. These tech companies sounds like colleges these days where the number of administrators has grown 10X and the amount of teachers has stayed the same. Use your money to hire people that directly contribute to your product. Use profits to "do good" after.

it's not just facebook... they have oculus, insta, whatsapp, they were exploring mapping, and self driving cars at one point...

When you realize that WhatsApp had 450 million monthly active users and only 55 employees at the time of its acquisition by Facebook in 2014, you start to think that those tens of thousands of employees might be more needed for Meta's ad business.

Re: Meta lays off 11,000 people

#375

Post by erikpukinskis » Wed, Nov 09, 2022, 1:52 PM UTC

keewee7 wrote: post #287

Facebook has become the local town square on the Internet. Thousands of active local groups is something that other social networks will have a hard time replicating. Marketplace is another feature that takes advantage of Facebook having a strong local presence, everywhere. Why did they pivot towards VR and metaverse when Facebook's strength is being the "Localverse"?

So was Yahoo Groups at one time.

Re: Meta lays off 11,000 people

#376

Post by sagebird » Wed, Nov 09, 2022, 1:52 PM UTC

Even though laid-off employees will lose access to Meta internal systems today, they are welcome to utilize Facebook services to stay connected to former colleagues, friends, and family members around the world. After all, it is Facebook’s mission to create a more connected world - and that will never change.

Re: Meta lays off 11,000 people

#377

Post by throwaway2037 » Wed, Nov 09, 2022, 1:53 PM UTC

curiousllama wrote: post #207

eschneider wrote: post #146

I'm old and this is the third time around for these sorts of layoffs in tech. (Was around for dot-com bust of 2000-ish and financial meltdown post-2008.) One thing you want to keep in mind is that decent severance packages are usually only a thing for the FIRST round of layoffs. There will be more, and the payouts will be a LOT worse. Just, FYI.

Are you referring to rounds at the same company, or rounds across the economy?

I read it as same company.

Re: Meta lays off 11,000 people

#378

Post by thrillgore » Wed, Nov 09, 2022, 1:54 PM UTC

"I want to take accountability for these decisions and for how we got here."

...but I'm going to stay and keep all the cards on the Metaverse as my personal fortune sinks with it. For 11% of you, good luck.

Re: Meta lays off 11,000 people

#379

Post by marcus0x62 » Wed, Nov 09, 2022, 1:54 PM UTC

mrits wrote: post #292

eschneider wrote: post #146

I'm old and this is the third time around for these sorts of layoffs in tech. (Was around for dot-com bust of 2000-ish and financial meltdown post-2008.) One thing you want to keep in mind is that decent severance packages are usually only a thing for the FIRST round of layoffs. There will be more, and the payouts will be a LOT worse. Just, FYI.

I'm not sure comparing a company with $28 billion Q3 revenue to .com bubble makes much sense.

During the dot com bubble even companies with massive (for the time) revenue did huge layoffs. Cisco was probably the poster child for that.

Re: Meta lays off 11,000 people

#380

Post by cableshaft » Wed, Nov 09, 2022, 1:55 PM UTC

H8crilA wrote: post #275

eschneider wrote: post #146

I'm old and this is the third time around for these sorts of layoffs in tech. (Was around for dot-com bust of 2000-ish and financial meltdown post-2008.) One thing you want to keep in mind is that decent severance packages are usually only a thing for the FIRST round of layoffs. There will be more, and the payouts will be a LOT worse. Just, FYI.

I'm close to deciding to go back to University to get some additional education that's likely to improve my work in the future. I can afford it without any salary. Based on your experience, do you think this is the right moment to do so? I'm employed at the moment.

I did that after I got laid off early 2009, although for me it was going back to finish my bachelors.

Spent two years in school and got to sit out the worst of the recession. However, (in the US) tuition increased a ton from when I first went to school and has only gotten more ridiculous since I graduated.

Personally I'm glad I did it, it just took a while to pay it all off.