[HN Gopher] Snap plans to lay off 20 percent of employees
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Snap plans to lay off 20 percent of employees
Author : tempsy
Score : 50 points
Date : 2022-08-30 19:47 UTC (3 hours ago)
(HTM) web link (www.theverge.com)
(TXT) w3m dump (www.theverge.com)
| bruceb wrote:
| Layoff is no surprise, 20% is a chunk though, 1280 people. I
| admire their trying to make new hardware but its new drone, Pixy,
| was very underwhelming. Could have sub contracted that out or
| cobranded with existing maker and got a better, cheaper device.
| AdamJacobMuller wrote:
| > its new drone, Pixy, was very underwhelming
|
| It's an unfortunately missed opportunity.
|
| I am completely outside their normal user base, I've literally
| never had a snapchat account and don't use any social media.
|
| However, when I heard about the concept it was something I
| immediately wanted, I have for some time wanted a drone which
| could be used for very adhoc simple selfie/group pics while
| traveling, something with basically the exact features snap was
| talking about when they announced it, unfortunately, as we all
| know, the actual implementation fell far short. Huge miss for
| them I think, the market for that could have been huge if
| executed properly.
| paxys wrote:
| The opportunity has always been there. The company, like many
| before them, simply ran into the limits of physics.
| paxys wrote:
| Worth noting that Snap more than doubled its payroll since 2020
| and is now at 6400+ employees. All the tech layoffs happening
| these days are a minor correction to the rampant overhiring
| which took place industry-wide since the start of the pandemic,
| very similar to stock market trends.
| adam_arthur wrote:
| People see these headlines and think that the job market is
| loosening. But growth tech is such a small percentage of overall
| employment, it effectively doesn't matter.
|
| Only if big tech does layoffs is it meaningful for national
| employment numbers. Fed will have to go much harder to fix the
| broken job market
| incahoots wrote:
| SNAP's market is dwindling, they have not been posting good
| quarterly reports, so this should come as no surprise to anyone
| why they're slashing this many jobs.
|
| All part of the business of being publicly owned. If you can't
| sustain the growth then you better start trimming the fat.
| nytesky wrote:
| Has SNAP ever been profitable? It looks like it made $MM this
| year? https://techcrunch.com/2022/02/03/snap-finally-did-it-
| yall/
|
| I think it raised $5B in various funding rounds?
|
| It's been around a decade, and if its cutting 20% I can't
| imaging the future is bright?
| lupire wrote:
| > Fed will have to go much harder to fix the broken job market
|
| Fed _wants_ to break the job market, to reduce wage inflation.
| adam_arthur wrote:
| Yes, and they will. Despite the wishful thinking to the
| contrary. It could have been prevented with more responsible
| monetary policy in 2021
| JumpCrisscross wrote:
| This thread is people talking past each other on varying
| definitions of "breaking."
| newaccount2021 wrote:
| instead of "learn to code", laid off workers will soon be told
| "learn to make wind turbines"
|
| the IT revolution is over for now
| WFHRenaissance wrote:
| Doubtful. Most of these employees will have new gigs doing
| similar work within 1-2 months.
| aaaaaaaaata wrote:
| Recent experience or case study to link?
| WFHRenaissance wrote:
| Recent experience with from COVID-related layoffs. No one I
| know spent more than 2 months on the market.
|
| But also, stop being a know-it-all empiricism addict. just
| use your head. Snap is a company with a high-hiring bar and
| plenty of competition that's still hiring. Of course
| they'll be scooped up by competition, even if only to
| prevent them from going to competitors.
|
| This comment screams Reddit-brain
| incahoots wrote:
| Source: Trust me bro
| Ancapistani wrote:
| If that long.
|
| I'm literally going through my network on LinkedIn right now,
| making a list of people I know who currently work at Snap to
| send to my company's recruiters.
| paxys wrote:
| Engineers - yes. Other job functions don't always have such
| an easy time.
| WFHRenaissance wrote:
| I generally agree, but I think Snap probably hires good
| people. I bet they all do fine within 1-2 months.
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