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Layoffs at Block

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Re: Layoffs at Block

#891

Post by mjr00 »

izacus wrote: post #887
mancerayder wrote: post #870

Earlier quoted context omitted.

It doesn't matter if the main reason is they over-hired. Financial services is going to eat it up, there are eyes going wide all over the place in the C-suites, I am certain. Companies/Funds that own other companies see an opportunity to reduce input costs (human costs). Even if over-hiring and AI are both explained reasons, the second one is going to win out as it's a narrative that lines up with what their goal is,…

"over-hired" seems like mostly copium of engineers being very afraid that their company will discard them like this and are trying to rationalize why they won't follow.

I don't think it's copium because it doesn't really matter if it's due to AI or COVID-era ZIRP-infused overhiring. If your company hasn't done multiple rounds of layoffs since 2022, they're going to come.

Re: Layoffs at Block

#892

Post by _DeadFred_ »

pjmlp wrote: post #655
tombert wrote: post #270

Earlier quoted context omitted.

I'm convinced that these "AI Layoffs" are these companies trying to save face from the absurd overhiring that they did in 2022 and 2023 because apparently they thought that these no-interest loans/free money would just last forever. No one really "knows" how to grow businesses so the easiest way to spend a lot of money quickly is hiring lots of people, whether or not they are "necessary". Then this free money dries u…

Having been through a couple of layoffs and merges, as I approach mid-century, the MBA powered managers are always to blame, because the stupid way to manage every year has to be x% exponential increase over the previous year, always forgetting that it is physically impossible when everyone goes for the same goal. And then when targets aren't met, it is the employees that get shown the door while management gets thei…

Peak Capitalism was grandmas investing in companies to receive a dividend in retirement. This hunt for unicorns and magic forever growth is ruining everything.

Re: Layoffs at Block

#893

Post by izacus »

tshaddox wrote: post #848
paxys wrote: post #273

Earlier quoted context omitted.

Exactly. Square was the first great checkout system, but now a decade and a half later every other system is good enough that retailers aren't going to pay extra for a flashier app.

Over the last 10 years or so in SF and LA, I’ve seen so many countless POS systems at restaurants and small businesses that it’s difficult to believe that Square is anything more than 1 player in an enormous field. And businesses I frequent over many years seem to change their POS systems often. I’ve always assumed that every year there are a bunch of new startups using their VC funds to give away free iPad minis. Wh…

What's wrong with being 1 player in enormous field? Does everything need to be a monopoly in US nowadays?

Re: Layoffs at Block

#894

Post by _DeadFred_ »

ProjectArcturis wrote: post #841
jalapenos wrote: post #794

Earlier quoted context omitted.

> managing earnings to sustain equity valuations That's an interesting take, so eventually they'll just run out of these tricks and at that point the valuations will burst?

No, there'll always be a new trick.

That's what the MBA are paid for. New magic tricks.

Re: Layoffs at Block

#895

Post by izacus »

School-Cotton wrote: post #403
geraneum wrote: post #129

Earlier quoted context omitted.

But something something trickle down! Or perhaps public doesn’t owe corporates bailouts when push comes to shove?

Block has never been bailed out.

It has gotten plenty of government support and easy cash though.

Re: Layoffs at Block

#896

Post by malshe »

arzke wrote: post #595
senko wrote: post #254

This is one of the best (if not the best) layoff letters I've seen online (no affiliation, don't know anyone working there, purely outsider perspective). * Severance packages upfront because realistically that's what everyone worries about first. * Reasoning second. I appreciate the one clean cut vs prolonged bleeding. * Owning the decision and respecting the people that got you there. Opting for an awkward allhands…

I wonder if the lack of capital letters is a clever trick to make this whole annoucement look more humane and natural. Surely it's intentional: only "U.S" deserves capitals, not even his own name in the signature.

That appears to be the preferred writing style of the Epstein class

Re: Layoffs at Block

#897

Post by generic92034 »

mjr00 wrote: post #891
izacus wrote: post #887

Earlier quoted context omitted.

"over-hired" seems like mostly copium of engineers being very afraid that their company will discard them like this and are trying to rationalize why they won't follow.

I don't think it's copium because it doesn't really matter if it's due to AI or COVID-era ZIRP-infused overhiring. If your company hasn't done multiple rounds of layoffs since 2022, they're going to come.

It depends. Maybe constant escalations at customers with unmaintainable products comes first.

Re: Layoffs at Block

#898

Post by izacus »

IAmGraydon wrote: post #554
peanuty1 wrote: post #130

Earlier quoted context omitted.

They own Square, Cash App, Afterpay and Jay Z's music streaming service Tidal. They make a decent amount of money from people buying and selling Bitcoin on Cash App but most of their revenue is not related to Bitcoin.

Try again. As another commenter noted: >in the last 12 months total revenue was ~24 billion of which ~8.5 billion was from the Bitcoin https://d18rn0p25nwr6d.cloudfront.net/CIK-0001512673/55ca61a...

Errr, do you not understand what "most" means?

Re: Layoffs at Block

#899

Post by _fizz_buzz_ »

dzonga wrote: post #850

Straight from the horses mouth: >> yes we over-hired during covid because i incorrectly built 2 separate company structures (square & cash app) rather than 1, which we corrected mid 2024. but this misses all the complexity we took on through lending, banking, and BNPL. and that we’re now targeting $2M+ gross profit per person, 4x our pre-covid efficiency, which stayed flat at ~$500k from 2019 until 2024. we have and…

> that we’re now targeting $2M+ gross profit per person

That seems really high. Do they have such moat that nobody can move into their space?

Re: Layoffs at Block

#900

Post by borroka »

3rodents wrote: post #698
borroka wrote: post #430

Earlier quoted context omitted.

Being rejected every day, thus subjecting myself to the humiliating ritual of modern times, by companies that I believe could make the most of my talent (my last title was Director of AI, before I was a Staff ML Scientist at a FAANG and an award-winning scientist). They all seem rather disappointed, at least in the automated rejection emails (mailboxes not monitored, of course) they send me, that they have found othe…

Which companies are you applying to? Even in this new world, titles still matter a great deal. A former “director of AI” and FAANG data scientist is valuable even before considering whether you are competent. The part that stands out is that you are getting rejection emails from automated systems. With your pedigree, you should be talking direct to whoever is hiring — you’ve earned the right to bypass the automated s…

At first, I was a bit selective about my applications (meaning I was applying to maybe 5 positions per week, not one per month), but in the last six months, I have sent dozens of applications for positions (real or fake, I don't know) that I thought were appropriate for my skills and experience (director, manager, some senior IC positions, not even staff). I have no problem relocating; I could do so in 15 days (I currently live in California).

I also contacted hiring managers via email and LinkedIn, but I received virtually no response.

At this point, you might think that there is something wrong with me (professionally speaking), that I have a bad reputation of some kind, but that is not the case.

The market is clearly telling me that there is no need for someone with my credentials on paper. Many people find jobs, even quite easily, and millions of people are employed in the tech industry. But thousands of people in the tech industry are also looking for jobs every day and have a stronger network than I do. Either they are looking for you, or they are looking for someone like you, and in the latter case, there are you and hundreds of others. Have I really tried everything? No, but I've tried a lot.

I want to make it clear that I was presenting my case in response to a question and that this is not a “poor me” post (in fact, I am anonymous and there are no links to my real identity). I am in a privileged position: I have decent savings and can get by for quite a reasonable time, but it is certainly quite disconcerting, disorienting, frustrating, and, frankly, sometimes humiliating not even to get an interview, or a call back.

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