Facebook reportedly laying off thousands of employees

Post by Gigachad » Thu, Oct 06, 2022, 7:36 AM UTC

jmathai wrote: post #24

robertwt7 wrote: post #17

I’m not an expert at how facebook diversifies its income, but their R&D has produced a lot of insanely good outcome in engineering area. Meta ML, React, React Native, etc, howbare they not building income over these tools? Vercel or laravel seems to be making huge amount of money by building dev tools around their frameworks. Regardless of what they have done, I hope everyone affected is okay

At Facebook’s market cap, vercel and laravel are immaterial in terms of revenue. It’s very hard for a company of this size to find something to move the needle enough to make a difference. Look at Google. YouTube is worth $120 billion with a B and it is dwarfed by their ads business.

Post by martin_a » Thu, Oct 06, 2022, 7:39 AM UTC

username_my1 wrote: post #19

jstx1 wrote: post #8

Earlier quoted context omitted.

> 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…

Meta verse could be the next big thing and the long shot facebook needs. It just happened that out of their control 1. Apple squeezed them out of ads revenue 2. Market went to shit I hate Facebook as a company but I don’t see them making strategic mistakes…. Everyone is getting fired everywhere

Post by protastus » Thu, Oct 06, 2022, 7:41 AM UTC

Double_a_92 wrote: post #40

thrwawayacc wrote: post #12

amazon manager here: it's the same with us. our director gave told us to manage out more people this year to hit our revised headcount targets for next year. there are no layoffs, just larger-than-normal targets for managing out people. I talked with friends across various orgs and the targets seem to range between 10% to 25% for different teams (as opposed to 5% for normal years).

Quoted post unavailable.

Post by jstx1 » Thu, Oct 06, 2022, 7:42 AM UTC

epicureanideal wrote: post #31

gregjor wrote: post #25

Earlier quoted context omitted.

"Best people" according to what metric, other than salary? Facebook got fat from advertising and monetizing the worst aspects of social media. Does that require the "best people?" What technology has Facebook developed with all of those "best people" that could compare to what Bell Labs did with a group of fewer than 10?

I agree. Maybe best at grinding LeetCode, best at playing office politics, best at tolerating toxic work environments... But likely not best in actually building good software. No doubt quite good at that, but probably not meaningfully different than any other tech company in the area hiring from a similar talent pool. And because the candidates also need to be optimized for the qualities mentioned in the first parag…

Post by silisili » Thu, Oct 06, 2022, 7:43 AM UTC

gregjor wrote: post #25

onion2k wrote: post #7

Earlier quoted context omitted.

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 t…

"Best people" according to what metric, other than salary? Facebook got fat from advertising and monetizing the worst aspects of social media. Does that require the "best people?" What technology has Facebook developed with all of those "best people" that could compare to what Bell Labs did with a group of fewer than 10?