Post ASFIozS1hYXID0xJsO by futt@toot.pt
(DIR) More posts by futt@toot.pt
(DIR) Post #ASDWw8mFRFUZBpwSie by technomancy@icosahedron.website
2023-01-31T19:23:56Z
3 likes, 2 repeats
everything in this article is obvious if you've been following the trend of worker organizing in tech the past few years, but it's notable because it's literally the only piece of reporting I've seen so far that actually goes beyond credulously repeating CEOs' talking points to examine what's really going onit's not about the economy, it's about reminding workers that they work at the pleasure of the bosses and putting fear back into the equationhttps://www.latimes.com/business/technology/story/2023-01-30/column-how-big-tech-is-using-mass-layoffs-to-bring-workers-to-heel
(DIR) Post #ASFHN8UYOXMoBaIAro by futt@toot.pt
2023-02-01T19:36:55.479473Z
1 likes, 0 repeats
@technomancy Or, it's about unprofitable companies with unsustainable business models finally running out of venture capital?
(DIR) Post #ASFIoz1RIPGisYW5R2 by technomancy@icosahedron.website
2023-02-01T19:39:37Z
0 likes, 0 repeats
@futt did you read the article?
(DIR) Post #ASFIozS1hYXID0xJsO by futt@toot.pt
2023-02-01T19:53:08.495275Z
2 likes, 0 repeats
@technomancy I did, and found it hard to take it seriously. Companies like Meta and Twitter - which the article claims are "the most profitable companies of our generation" - have been hemorrhaging money for most of their existence while spending like drunken sailors. When you're constantly in the red and burning investor money, hiring more diversity and inclusion officers should not be on your list of priorities. As the economy goes down the shitter and investors stop sending checks, mass firings are inevitable. Expect a lot more.
(DIR) Post #ASFJPzyygjwsZW11iy by futt@toot.pt
2023-02-01T19:59:50.914845Z
0 likes, 0 repeats
@technomancy Correction; meta was doing OK until the Zuck decided to go all-in on VR chat. Twitter, however, needed a purge...https://www.netcials.com/financial-net-profit-year-quarter-usa/1418091-TWITTER-INC/
(DIR) Post #ASFJq4Z0HKxsJDIcEa by coolboymew@shitposter.club
2023-02-01T20:04:33.398946Z
4 likes, 0 repeats
@futt @technomancy a shitload of those big tech companies, journos, etc. all are bleeding money for ages. They need to shut down alreadyApparently CNN is down the gutter and Tim Pool is now more popular than the entirety of CNN
(DIR) Post #ASFKDxxgTZgumdEjom by mrsaturday@shitposter.club
2023-02-01T20:08:35.812718Z
0 likes, 0 repeats
@technomancy This sort of thing has been happening in the manufacturing sector for years. What the UAW did was require that when jobs were opened up again, the company has to go down the list of laid off employees and offer them their positions back, starting with the most senior one to get laid off. I highly doubt the CWA had similar provisions because their priorities seemed to be "get the chuds fired that HR refuses to" and "finance my Doordash for 9 meals a week" rather than ensuring that they had any sort of safety net.
(DIR) Post #ASFKEitNzNBCKuaT8y by technomancy@icosahedron.website
2023-02-01T20:07:31Z
1 likes, 0 repeats
@futt you're right about those two examples; they were built on garbage foundations and have obviously been doomed for a long time, and there are a lot of other VC-backed companies in the same boat by count of companiesbut by count of workers they're a drop in the bucket, and the big established, profitable companies are using this as a screen to try to bring us back to a time when they could treat workers badly
(DIR) Post #ASFKEwm6NFfhONHqjY by Rocket@shitposter.club
2023-02-01T20:07:34.531563Z
2 likes, 0 repeats
@coolboymew @futt @technomancy Big tech could have been profitable long ago, but they have been in "growth mode" forever. If you run two of the largest sites on the Internet (Google & Youtube), how much growth are you going to have? These companies should have trimmed staff to become profitable years ago. Now that we are in a recession, layoffs are inevitable.
(DIR) Post #ASFL8kNbe5wtAMR8vA by futt@toot.pt
2023-02-01T20:19:08.366296Z
0 likes, 0 repeats
@technomancy I dunno about companies like MSFT and IBM. Microsoft has been fairly profitable but IBM has been either stagnant or on the decline over the last decade or so at least ( https://www.macrotrends.net/stocks/charts/IBM/ibm/gross-profit ). We're heading for a recession, and these guys know it. Huge corps like these that were barely afloat during the tech boom, will surely have to cut costs dramatically if they want to have any chance at pulling through it.