This is what Meta wants you to believe happened: Hiring target for 2022- 10,000 people (hypothetically) Week 1 2022 cumulative hires - 200 Week 2 2022 cumulative hires - 400 Week 3 2022 cumulative hires - 600 Week 4 2022 cumulative hires - 800 ... ... ... Week 14 2022 cumulative hires - 2800 Week 15 2022 cumulative hires - 3000 Week 16 2022 cumulative hires - 3200 Week 17 2022 cumulative hires - 10000 Oopsie poopsie. We hired too many! We are done hiring for all of 2022, teehee! Stock is down 50% from all-time-highs. Layoffs already being reported. Revenue still 90% ad-based. Number of users still stagnating. EU Digital Services Act is now all but approved. Talks of recession on the horizon. There was no "over hiring"... they are disguising their financial problems and coming collapse while the people at the top get their business in order so you are stuck holding the empty bags. A tale as old as time. Edit TC 310k Edit 2: For all those taking shots at Amazon -- This is the only place still hiring that can pay 400k for an SDE 2 and 550k for an SDE 3. Meanwhile your doors are closed or your comp is low. Thank you Edit 3: For those struggling with reading comprehension: 1 - Meta is CLOSED to hiring 2 - Google is NO LONGER a leader in compensation. This has already been settled in numerous other threads. Google is a poor company.... downlevels, lowballs, ghosting, misleading candidates, etc... It is becoming the new Microsoft (irrelevant) But "muh google" idiots will still put up with this so they can make their cringe linkedin posts with the dumb hat and @google email.
No, this is actually what YOU want to believe happened. You should change your headline to “I think you are stupid enough to believe this”
Replace “Meta” with “Amazon” and I think we’ll see duplicates of this post next week due to their stock tanking.
c'mon metamate! wake the f up
yeah they for sure cut their hiring targets prematurely instead of hitting
Meta would have vanished if not for acquisitions like instagram and WhatsApp. Zuck needs to acquire something instead of building metaverse
Now let's talk about Tableau Quip Vlocity Slack
Exactly! Acquisitions is the key and fb didn’t do enough.
You can try again next year OP.
Amazon stock is at 60% of its all time high and falling. Why are you focusing on Meta?
Because Amazon can fix its problems but fb can’t
Amazon has nothing right now. Their dev’s tc has been halved due to stock performance, and the culture is toxic af so there’s more likely to be layoffs (disguised as pip maybe?). All their best devs are going to leave to places that: - pay cash or have more stable stock like Google’s - have better wlb for the same pay
They can't tell the truth because it would be demoralizing. If they didn't cut cost overall, their stock wouldn't have rebounded and talent loss would start
Meta didn’t say they hired target for 2022 in one quarter. They are saying that they hired in Q1 2022 what they hired in all of 2021. And that they want to check growth this year and manage expenses due to rising inflation and increasing cost of revenue. What part did you not get?
Not OP, and I understand this is exactly what Meta said officially. And I also asked in another post if it makes sense that Meta / FB did 4x their regular hiring rate this year and no one noticed. Isn't that fact -- that they say they hired at a 4x rate this year and no one blinked -- itself really sus? I'm not saying Meta is lying, but something is a bit odd with their ending up hiring everyone they needed within the first 3 months of the year and freezing the pipeline for the rest of the year.
The post was factually wrong so I pointed out. On other things - 1. Growth rate has slowed and in fact for the first time revenue declined. 2. Hiring targets were overly aggressive compared to revenue brought in per employee so the cost of revenue went higher more than the revenue itself. They can’t continue the bleed and need to refocus on highest priorities. 3. This will be the case until new catalysts grow i.e. Reels makes up 20% of Instagram engagement now, which is a huge jump within just a quarter. Revenue generated from it is still minuscule so they will focus on growing revenue and engagement on reels in upcoming quarter. Similarly with some of the other catalysts as well while they want to cut down on losing battles as a trade off i.e. podcasts. It’s great to see that the company is confronting it the right way. You can feel this was coming if you heard their earnings call. In summary, I would expect this along with other product discontinuation decisions, they will maintain and grow earnings very well while revenue will stay slow for next few quarters. I am not seeing layoffs but movements within the company though you never know!
You are trying to prove a point with made up numbers?
Now where’s that TC .. ?
See first edit
YoE?