When github was bought by msft, I moved all my code, but unfortunately not on gitlab as it is not noscript/basic (x)html friendly. I wish they were.
Gitlab to lay off 7% of staff
421–430 of 622 posts
Re: Gitlab to lay off 7% of staff
#422Earlier quoted context omitted.
This economy is baffling to basically every professional who looks at it. Just this week we saw a jobs number that absolutely rofl stomped the consensus expectations. At the same time the credit card number came in ism services business purchasing came in 35% over expectations and new orders were way over expectations as well. Businesses are out there doing something! You could watch in real-time as the markets all d…
It makes sense to me that the economy overall is doing well but that the tech sector specifically over invested during the pandemic and is now contracting.
That’s my thinking. Tech companies over-expanded based on predictions juiced by the pandemic accelerating things online, that actually didn’t happen so they are over extended.
But I can see being critical of a ceo saying it’s the macro environment when other industries are doing really well. They clearly mispredicted the future, that’s different than a broad economic decline.
Re: Gitlab to lay off 7% of staff
#423> The current macroeconomic environment is tough No, it isn't, and it's embarrassing at this point to continue insisting this. The macroeconomic environment is good, particularly in the United States. Business investment is growing at 3% a quarter (annualized), which is better than the average over the past decade. Employment is growing rapidly. Inflation has been tame over the past six months. And wages are growing…
Current layoffs are not due to macroeconomics, but more a normalization
of what happened in the last couple of yers. Most of the companies laying-off
they all over hired.
Why don't they just say so.
https://www.statista.com/statistics/273951/growth-of-the-glo...
Re: Gitlab to lay off 7% of staff
#424> The current macroeconomic environment is tough No, it isn't, and it's embarrassing at this point to continue insisting this. The macroeconomic environment is good, particularly in the United States. Business investment is growing at 3% a quarter (annualized), which is better than the average over the past decade. Employment is growing rapidly. Inflation has been tame over the past six months. And wages are growing…
The economic indicators are solid, which is why JPowell is promising that the Fed will keep pushing on the money rope until they stop being solid.
Why do you think the Fed just raised interest rates again?
Re: Gitlab to lay off 7% of staff
#425> The current macroeconomic environment is tough No, it isn't, and it's embarrassing at this point to continue insisting this. The macroeconomic environment is good, particularly in the United States. Business investment is growing at 3% a quarter (annualized), which is better than the average over the past decade. Employment is growing rapidly. Inflation has been tame over the past six months. And wages are growing…
> The current macroeconomic environment is tough aka > Interest rates are high and I am worried about getting my next round of funding or meeting minimum payments on corporate debt. Because an overwhelming number of corporations take advantage of tax laws that make interest debt deductible, every interest rate hike leads to firing people and decreasing business investment, just to stay profit margin neutral. If you w…
> Interest rates are high and I am worried about getting my next round of funding or meeting minimum payments on corporate debt.
Curiously they IPOed in 2021 and report no debt. Perhaps they intended to borrow and got sidelined by rate hikes?
Re: Gitlab to lay off 7% of staff
#426Earlier quoted context omitted.
Avatar grossed roughly $3.8B worldwide Avatar 2 has grossed roughly $2B worldwide. None of these figures matter a damn. Gross figures aren't profit. And you need to adjust for inflation. Avatar 2 doesn't even show up in the top 25 all time when you adjust for inflation. If the prod cost for Ava2 is $250 as reported, and marketing is roughly the same, then you're down to $1.5B before all the theaters take their cut. I…
How is "not even top 25 of all time" an argument. What kind of metric is that, why is that a requirement. A top 100 of all time would be a flop now?
The parent said Avatar (I'm assuming based on the gross $$ that he meant Avatar 2) was the 6th highest grossing.
Re: Gitlab to lay off 7% of staff
#427> The current macroeconomic environment is tough No, it isn't, and it's embarrassing at this point to continue insisting this. The macroeconomic environment is good, particularly in the United States. Business investment is growing at 3% a quarter (annualized), which is better than the average over the past decade. Employment is growing rapidly. Inflation has been tame over the past six months. And wages are growing…
This feels like another semantic argument, this time over what "macroeconomic environment is tough" means. You are correct in everything you say in your first paragraph. That said, it's fair to say that "sharply rising interest rates" are also part of the macroeconomic environment. You can say that it was silly for all these tech companies and investors to think the free money spigot would go on for so long, but the…
How much are interest rates relevant for Tech companies particularly growth oriented firms? They raise equity via stock not debt and VC firms aren't primarily raising money for their funds via debt either.
Re: Gitlab to lay off 7% of staff
#428Earlier quoted context omitted.
It isn't every big company. Apple hasn't, and they're the biggest of all. I think that is the point: it does not feel accurate to say that "macroeconomic conditions are tough" or that you expect slowdowns while recording record levels of revenue, and yet company after company after company is using these imaginary tough headwinds to justify laying off 6-8% of staff, often while paying dividends or issuing stock buy-b…
To me, complaining about the reasoning used by companies while not currently at the head of such a company feels pretty darn foolish. You just don't have the numbers at hands to qualify what they are saying. And I don't understand why you would care about layoffs from the tech industry (of all people) anyway, it's one of the best industry today and will probably for a while still (forever?). Maybe one of those engine…
Pretty bad argument when we in fact do have many of the numbers for public companies and those numbers show growing revenue and record profits...
Re: Gitlab to lay off 7% of staff
#429Earlier quoted context omitted.
Do you feel bad for the minimum wage and non w2 people whose jobs you automate away being in tech? I’m a highly paid tech employee and idk it’s different feeling bad for someone who lost their $10/hr job vs someone making 400k tc
Non-engineers are being let go as well.
True but still I mean being a w2 employee at big tech is a pretty good gig.
Re: Gitlab to lay off 7% of staff
#430> The current macroeconomic environment is tough No, it isn't, and it's embarrassing at this point to continue insisting this. The macroeconomic environment is good, particularly in the United States. Business investment is growing at 3% a quarter (annualized), which is better than the average over the past decade. Employment is growing rapidly. Inflation has been tame over the past six months. And wages are growing…
> No, it isn't, and it's embarrassing at this point to continue insisting this.
Your macro is not the macro that Gitlab is referring to. It's disingenuous to interpret it otherwise.
All of these tech companies "overhired" (in hindsight) because they achieved unprecedented growth 2021~2022. If you're Gitlab - who sells to software development organizations - and the whole market has thrown hand over fist into the software development organizations, you have no choice but to chase that market. If that market (this is GitLab's macro) cools then you simply cut back.
Y'all think there is something nefarious going on and I don't get it.