Heard from a D1 at Facebook that Facebook will layoff ~12% of its staff. He stated that slowing growth and declining users especially in core Facebook platform is accelerating.
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LOL !
So, what are your opinions now !?
It’s hard to fathom a company like FB/Meta going down but then again anything is possible in business. I forecast massive layoffs and trimming the company down to just focusing on Instagram and WhatsApp and I also see WhatsApp going down since the competition is so fierce and it seems Zuck mainly relies on first mover advantage (buying first mover companies) without much pivots or innovation
Any employees here, what is going on
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They wouldn’t freeze all hiring unless they are in real trouble.
Everyone post covid wants to get out into the real world, have real connections. So it is wrong timing - a decade too early to create the meta-verse. Maybe 2030's gets dominated by VR but facebook would have reached myspace status by 2025.
Estimates are all over the place, I’ve seen 5%, 10%, 12%, and today somebody posted 20%. It makes no sense.
10-20% very possible.
NO we are not having layoffs and that girl was never hired full time
Just saw a linkedin post where a new hire in the recruiting team was due to start next Monday, but then laid off before even starting the job. Meta offered 6 weeks severance.
https://www.linkedin.com/posts/activity-6928472045009739778-f2ay?utm_source=linkedin_share&utm_medium=member_desktop_web
This is the first I'm reading of it on LinkedIn.
Not yet, at least based on what I am hearing. There is a hiring freeze (see the link below) and this is making people nervous. The company is facing an uphill regulatory battle, the govs of the world are after it, the tech changes (Apple) are cutting into profits, etc. etc.
Now, the hiring freeze will last a while and the contract workers that are helping hire will be cut - that's for sure and we are gettting some reports about this today, you'll see some links in other threads, search twitter some people are reporting cuts there as well, but this is all CWs.
Now this brings us to layoffs. I think there will be cuts but they (execs) will need more time to prep. This will hit probably in June or July and will not be deep. I think they will need to have really good severance packages if they want to continue hiring. But, this will hit us bing.
Finally, I am hearing about people's screen interviews being cancelled today - a friend was interviewing for a M2 and that got cancelled. So, not good but not the end of the world too. I also think that if they continue rising interest rates this will further cut into tech (espeically big tech) valuations, will impact the 'duration', and will result in layoffs - i think this time it'll be for real and will hit the entire FAANG and layers below.
All of this is just my gut feeling, posten on an anon board, so take it with a grain of salt and good luck
Is this for real?