Facebook reportedly laying off thousands of employees
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Re: Facebook reportedly laying off thousands of employees
#2No post body was provided.
Re: Facebook reportedly laying off thousands of employees
#3Maybe Zuck should put himself on PIP as it’s obvious he needs support. He had a money printing machine and managed to fuck it up.
Re: Facebook reportedly laying off thousands of employees
#4It is sad but also was inevitable. The market could only sustain $150,000 a year salaries for grads fresh out of college for so long before someone somewhere along the way ran out of money.
With rates going up there are places besides tech people can hope to park their money, the VC funding is going to disappear and with it some of the distortion of the market for developers. Just a reminder though this happened before in the 2000s with the dotcom crash, things worked out the world kept on spinning, society didn't collapse and many engineers were still able to eventually get new jobs and provide for their families. It will happen again.
Re: Facebook reportedly laying off thousands of employees
#5This news has been submitted multiple times over the last couple of days. The submission with the most comments, 35: https://news.ycombinator.com/item?id=33087097
Re: Facebook reportedly laying off thousands of employees
#6The more precise title from the referenced article from two days ago:
> Facebook is conducting 'quiet layoffs' by urging managers to label a certain number of workers as underperforming. The moves may lead to thousands of job cuts.
Re: Facebook reportedly laying off thousands of employees
#7It is sad but also was inevitable. The market could only sustain $150,000 a year salaries for grads fresh out of college for so long before someone somewhere along the way ran out of money. With rates going up there are places besides tech people can hope to park their money, the VC funding is going to disappear and with it some of the distortion of the market for developers. Just a reminder though this happened befo…
Facebook stopped burning VC money a long time ago. They've been wildly profitable for years. Their success is largely because of paying high salaries to attract some of the best people, not in spite of doing that.
The real issue seems to be that they're losing $3bn a quarter building the Metaverse (eg Reality Labs) at the same time as losing ad revenue because of things like Apple's antitracking changes and failing to innovate Instagram allowing competitors like TikTok to eat a big chunk of their market.
Re: Facebook reportedly laying off thousands of employees
#8It is sad but also was inevitable. The market could only sustain $150,000 a year salaries for grads fresh out of college for so long before someone somewhere along the way ran out of money. With rates going up there are places besides tech people can hope to park their money, the VC funding is going to disappear and with it some of the distortion of the market for developers. Just a reminder though this happened befo…
> The market could only sustain $150,000 a year salaries for grads fresh out of college for so long before someone somewhere along the way ran out of money.
It seems a bit arbirtrary to pick high salaries as the reason for it. And to not blame spending billions on unprofitable projects like the metaverse, or having their profits affected by Apple's restrictions on tracking, or the steady decline in user experience. or the general image of the company being affected by a long list of scandals... <<< I would blame these factors before I point at graduates who earn above the market average.
Re: Facebook reportedly laying off thousands of employees
#9It is sad but also was inevitable. The market could only sustain $150,000 a year salaries for grads fresh out of college for so long before someone somewhere along the way ran out of money. With rates going up there are places besides tech people can hope to park their money, the VC funding is going to disappear and with it some of the distortion of the market for developers. Just a reminder though this happened befo…
> The market could only sustain $150,000 a year salaries for grads fresh out of college for so long before someone somewhere along the way ran out of money. It seems a bit arbirtrary to pick high salaries as the reason for it. And to not blame spending billions on unprofitable projects like the metaverse, or having their profits affected by Apple's restrictions on tracking, or the steady decline in user experience. o…
Hiring graduates at $200k is a major part of where the money goes when you’re spending billions on unprofitable software projects.
Re: Facebook reportedly laying off thousands of employees
#10The more precise title from the referenced article from two days ago: > Facebook is conducting 'quiet layoffs' by urging managers to label a certain number of workers as underperforming. The moves may lead to thousands of job cuts.
Sounds like stack ranking by another name.