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Snap plans to lay off 20 percent of employees
- newaccount2021 4y agoinstead of "learn to code", laid off workers will soon be told "learn to make wind turbines" the IT revolution is over for now
- WFHRenaissance 4y agoDoubtful. Most of these employees will have new gigs doing similar work within 1-2 months.
- aaaaaaaaata 4y agoRecent experience or case study to link?
- incahoots 4y agoSource: Trust me bro
- WFHRenaissance 4y agoRecent 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
- Ancapistani 4y agoIf 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 4y agoEngineers - yes. Other job functions don't always have such an easy time.
- WFHRenaissance 4y agoI generally agree, but I think Snap probably hires good people. I bet they all do fine within 1-2 months.
- newaccount2021 4y ago
- jollyllama 4y ago"Learn to mine ore"
- bruceb 4y agoLayoff 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.
- paxys 4y agoWorth 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.
- AdamJacobMuller 4y ago> 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 4y agoThe opportunity has always been there. The company, like many before them, simply ran into the limits of physics.
- AdamJacobMuller 4y agoWhy physics? The failure seemed to be more grounded in regular technological limits (software/hardware/batteries) than anything truly immutable.
- 4y ago
- adam_arthur 4y agoPeople 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 4y agoSNAP'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 4y agoHas SNAP ever been profitable? It looks like it made $MM this year? https://techcrunch.com/2022/02/03/snap-finally-did-it-yall/ 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?
- noSyncCloud 4y agoJust another flash in the pan. Three years after the kids move on, the markets will too
- whiplash451 4y agoThe same law applies to private companies. They are under board scrutiny instead of board + market scrutiny.
- lupire 4y ago> Fed will have to go much harder to fix the broken job market Fed wants to break the job market, to reduce wage inflation.
- 4y ago
- ginger2016 4y agoit is over for snap chat, user base is dwindling, it is the new myspace
- tuan 4y ago>> Snap’s user base has continued to grow strongly — it has 347 million daily users, which is more than Twitter — but it has managed to turn a profit only once since it went public in 2017
- easrng 4y agoAnecdotally, I am in snap's target demographic, and a lot of people I know have snap but either don't use it or only use it to keep up their streaks.
- papito 4y agoYeah, that will die off too. Many of us were trying to be mayors on FourSquare, but with time you realize the virtual accolades are a meaningless waste of time.
- RickJWagner 4y agoI've had recent discussions with IT people who have been laid off or fear a layoff. Inflation's raging. The Fed is raising rates to stem it. The market is in bear territory. Economic conditions had been favorable for a very long time. Reversion to the mean is inevitable. Buckle up.