There have been so many rounds of layoffs, so many "we didn't make numbers so we are letting more people go" and it's not been reported in the media, but I have a serious question for everybody.
IS THERE ANYBODY LEFT AT VMWare anymore?
:(
25 replies (most recent on top)
So stressful here. I just survived the second round of layoffs, and I expect more in October. If the tech job market wasn't so cold, with so many other folks like me still looking for work, I wouldn't be worried as much. But I'm definitely scared with a recession on the horizon, and feeling every day like I have a huge target on my back.
Managers are anxious and re-active - just trying to hold on - they are desperate, not a good environment.
VMware was 38k
Now about 22k or less.
Rumor says they are looking at 7500 as the final.
I’m glad I got tapped out. I miss my friends and colleagues and the work. But it’s not VMware anymore.
Did HT kept Carbon?! He must be very d-mb, same for Tanzu, those 2 should be retired.
Big layoff and regorg in the Symantec/Carbon Black business unit too.
VCF reps are clinging to their jobs and acting so desperate. Enjoyable to watch. This ship is sinking.
We need more layoffs, stock price is trash
Ty offering yourself up??
@op you are here. Aren’t you?
hock 'em all!
We need more layoffs, stock price is trash
In 2008 Buffett said that CDOs are like the nucleaaar boaaamb that went off. He picked up a few banks when the dust settled. Now Buffett is unloading Bank of America and Apple. Buffett has 277 billion in cash as of end of quarter. We will see what his cash position is again this quarter.
When this AI and CLO CDO bubble bursts and if Broadcom goes down 50%, Buffett could just pick up Broadcom and pay cash. I don't think he will do that. He bought TSMC last year and very uncharacteristically exited TSMC in a few months. Not sure what spooked him. May be Taiwan tensions spooked him.
Of course Wall Street banks and hedge funds were bailed out in 2008. They have learned nothing and only blown a much bigger bubble in CDO CLO markets. They are sure that they will be bailed out again. No one goes to jail and they keep all the bonuses and salaries they paid themselves in the past 16 years.
Build up that cash. Pickup whatever you want after the dust settles.
To those who say i'm manipulating the market with the post (i'm the OP), that cannot be true. i have divested of every share of VMware and every share of AVGO and converted by 401 away to others. I have zero financial interested in broadcom. ZERO. up or down, i don't care.
Same here. most private equity funds over extend and go bankrupt. This is inevitable for Broadcom. Broadcom will be bankrupt in a couple of years.
The credit spreads on junk debt like Broadcoms BBB- debt is currently very very low. The credit spreads will widen out dramatically once the recession is officially declared. The Sahm rule has already triggered. The NBER has to officially declare a recession. They don't want to do it before elections. But the writing is on the wall. The Japanese market tantrums are related to them buying CLOs on the US junk debt. The Japanese crash is mainly the Japanese banks trying to get out of their CLO positions. In 2008 the Japanese banks were in CDOs on subprime mortgages. Now they are into CLOs in US junk debt. The same dynamics of 2008 are playing out but now in junk debt instead of subprime mortgages. Its the same movie.
What kind of financial advice do you need? Have you signed a prenup with all your husbands? Do you think your husbands are cheating on you? Are you cheating on your husbands? How soon do you need a divorce from all of them?
Ask and you shall receive. The advice will be worth all the money you pay here.
Silly folks can't take negative stock predictions. Keep crying with the admins.
So where can I find everyone’s substack with expert financial advice ?
Why do you think you can manipulate the market with your post?
No one other than the deep state can manipulate these markets. Mag7 stocks went down only 1 trillion dollars today. Most banks will blow up. They are only postponing the inevitable. US exceptionalism and other old wives tales.
Today was a major market event. The VIX volatility index reached 64. It only reached those levels in March 2020 for the Covid crash and in mid 2008 when the market crashed because of the "Global Financial Crisis" and Lehman Brothers went under and hundreds of thousands of Americans were foreclosed on their houses.
Many people could not trade today because various brokers websites/apps were down. Robinhood, Fidelity, Schwab, Vanguard, Ameritrade, Etrade. Then all of them were magically available again after the selling subsided. Probably some market manipulation where someone came in and bought up a lot.
Overnight, the Japanese index lost 12% and hit circuit breakers and trading was halted. The trading was halted in South Korea.
Like in 2020 covid crash and 2008 crash, today is just the initial quake. The after shocks will be felt for a very long time.
To those who say i'm manipulating the market with the post (i'm the OP), that cannot be true. i have divested of every share of VMware and every share of AVGO and converted by 401 away to others. I have zero financial interested in broadcom. ZERO. up or down, i don't care.
I was given a bunch of RSUs to stay in March and they still fired me. Still getting the original offer so no financial loss to me, but it seems chaotic at best.
OP is right. No one is left. I just turned off the lights after leaving the PA campus.
Dude I am in Bulgaria and Broadcom gave me 400+ RSUs, in my location this is impossible to beat, next best offer I had recently was 90% lower. I will stay until the end, also coasting as no tasks are really given - overall top notch
"IS THERE ANYBODY LEFT AT VMWare anymore?"
Yes, of course. The perpetual headcount cuts will continue, by design, to meet profitability targets. Meanwhile, many of the remaining employees are just waiting for the tech job market to recover. Once that happens, expect a mass exodus of qualified tech talent.
Layoff happened based on BU and Geo one by one. It looked many layoffs but it is actually just one. Most of VMW are OK so far
Reply to @aut+1tRw3cQO
Why do you think you can manipulate the market with your post? Nobody seriously looks at this site for financials. The only thing this place is good for is stealth monitoring of employee b**ching and for outsiders to gauge the morale of an organization and how staffing cuts might impact profitability.
Broadcom - VMware = Intel. Intel went down 27% in a day after reporting earning last week. Broadcom chip business will do the same this quarter. Layoffs will start in the Broadcom Chip business. Buffett already sold APPL last quarter. APPL blasted through 120 billion of buybacks as Buffett was selling. Everyone knows Broadcom chips depend on APPL sales. APPL is not even in the top 10 mobile phone brands in China. Chinese stopped buying APPL. Confluence of risks converging at once. Traditional chips is now a full blown cluster fugg. VMware has been in layoff mode for a long time. Not sure how much more they will cut.
The crash only started last week. Nasdaq down 800 points already this week in the first few minutes of trading. The Sahm rule has triggered and finally there is no more doubt whether we are in a recession or not. The Yellen circus ended. The Japanese yen strengthened from 162 to 142 in less than 2 weeks. This is the reverse carry trade that has been going on since 2012. Lot of unwinding to do. AVGO will bottom around 18. 90% down from peak of 185. Somehow bubbles have a fascination with the 90%. CSCO was down from 90 to 9. After 24 years it is still at 40. Offload your remaining AVGO and look for another job in a year.