pembrook
It’s crazy to me how Facebook has so many employees when their entire business is basically managing 3 software products (Facebook, instagram and the advertising platform).

Meanwhile I think Apple has about the same number of employees if you subtract the retail Apple store workers.

Yet, Apple’s business is comprised of managing, and this is only a rough guess:

- 30+ hardware products and their supply chain, marketing and distribution

- A microprocessor and component design business

- 3 entire operating systems and developer tools and app store sales infrastructure for each

- 50+ software products and services, including competitors for Microsoft office suite, Netflix, Spotify, Google Chrome, Dropbox, Adobe Premier, Zoom, and more

- a film & tv production business

- a massive physical retail store footprint

- a global e-commerce store

- I’m sure I’m forgetting something else

thrwawayacc
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).
robertwt7
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

jstx1
The 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.

whoooooo123
A contact of mine who works for Meta says that this has been coming for a long time and no-one is surprised. They're also rescinding internship offers (now THAT'S shitty) and freezing hiring.

Absurdly, I'm told that the company is still planning on going ahead with booked job interviews, even when they won't be able to make an offer due to the hiring freeze. If you have an interview scheduled with FB I suggest not wasting your time.

fny
Facebook employs over 58K people. This is not a big deal especially considering tech went on a *massive* hiring binge recently.

[0] Facebook had a recruiting crisis in 2021: https://www.protocol.com/workplace/facebook-docs-hiring-recr...

[1] Facebook aimed to hire 10K Europeans for metaverse in 2021: https://www.reuters.com/technology/facebook-plans-hire-10000...

People underestimate just how much COVID and the rapid work-from-home shift distorted the economy. Everyone suddenly became cloud-first overnight and needed man power to make it happen.

macintux
This 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
fortylove
Seeing giants fall like this, where they achieve the highest peaks imaginable, but then struggle to find the next thing that is suitably big enough to satisfy expectations makes me never want to reach mega success status if I ever start a startup.
buscoquadnary
It 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.

qikInNdOutReply
They going to carry that culture into any new company they go. You can already feel the likes of discord getting dark patterned, ABtested and starting to die. Sorry to say it, but no matter the skill, if you worked at FB, you might not actually be a culture fit for many companys, who want to grow beyond local minima.
karmasimida
Ideology apart, Facebook, the product itself is really uninspiring and uninteresting and irrelevant to me and my circle for at least 2 years.

Copying TikTok won't save it from becoming irrelevant

pyb
The FAANG paradox : these companies all have this performance-intensive culture with the gruelling interview, "perf cycles", promotion processes, OKRs, etc... to ensure all engineers function at the top of their capacity.

At the same time, their new public facing products have been mostly underwhelming over the last decade. It seems most of the innovation occurred back when FAANGs were 10-100x smaller.

(The AI work is one exception)

shp0ngle
Does anyone even remember Libra?
asciimov
Does Facebook spend any sort of money on R&D? I just can't fathom a company that once had a near trillion dollar market cap, not spending any of their resources to try to find their next big revenue stream. They should have been able to pivot to a plan B, (or C,D,E... etc). If you point to their 3d ventures, well, I've never seen it in person, so they are doing a lousy job of marketing it.
unity1001
Isn't this the result of the artificial bloat that was in the US economy before the whole domination of the dollar as reserve currency thing came crashing down?

Just a few months ago, dollar was the uncontested reserve currency, allowing the US financial institutions - including the Fed - to inject cash into the economy in whatever way including fractional reserve lending. Inflation just didn't go up. A lot of money to invest. Resulting in a bloated stock market with immense 'valuations' with little profit to show for the valuation.

Now the Ukraine war, sanctions, various countries moving to trade in their own currencies, and voila - all the dollars that were being used to trade before are unused and they are flowing back to the US, causing inflation.

The bloated stock economy is going down, and the companies that used to float on the bloated value of their capital are feeling the squeeze - Facebook, Twitter, Google...

This may result in an adjustment in the economy with normalized valuations, salaries, prices and monetary compensation in the long run. It feels like its just cutting the fluff out of the bloated economy that ran on inflated stock values. But in the end, the resulting environment should not be too different than the former one - just without the bloat.

How would this affect the investment in tech, is an open question though. It would probably end up like how it is in other regions of the world - still high, profitable and lucrative, however, less bloated. Like in Europe, China and anywhere else.

nobodyandproud
If you’re PIP’d then fired, are ineligible for unemployment?

Is this to save money on unemployment payments?

therusskiy
With everyone criticizing Facebook for bad it is for society, are there examples of Social Networks that you think do good?
seydor
The wealth redistribution machine is tapering
spaceman_2020
Sad for the employees but a little part of my heart perks up whenever I hear any story of Facebook failing in any way.
noncoml
Maybe 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.
Yuioup
paxys
Firing low performers isn't a layoff. Several major companies like Amazon do this every 6-12 months, and it doesn't exactly make the news. While 15% might be extreme (and there's no reason to believe that will be the actual number) I don't think anyone can argue that Facebook has a LOT of fat that they can trim without material impact to any of their projects. Same goes for every other large company (Google for example) that has been overhiring for many years now and pretty much never fires people outside of the most extreme cases.
sr.ht