patrick.net

BayArea says

Intel stock SUCKS

Its a roller coaster or very cyclical stock

If I buy Intel at $24 then I'll sell in the money (or at the money) covered calls that expire weekly

https://www.marketwatch.com/story/these-11-stocks-can-lead-your-portfolios-rebound-after-the-s-p-500-earnings-recession-and-a-market-bottom-next-year-11666029117

In the above link, they recommend AMD, Google, Amazon, Apple, and Microsoft.

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‘Mass layoffs’ of Meta bus drivers lead to pleas for Facebook to bring workers back to the office
Protesters on Thursday urged Meta Platforms Inc. to call its Silicon Valley-based engineers and other employees back to the office, after Facebook’s parent company continued to dismiss service workers with “mass layoffs” of shuttle-bus drivers.
Drivers and their union supporters rallied in front of Meta’s META, -1.28% headquarters in Menlo Park, Calif., on Thursday, after more than 160 shuttle drivers and their supervisors lost their jobs. The layoffs amount to about a third of the driver workforce at Meta, according to the drivers’ union.

EBGuy says

Protesters on Thursday urged Meta Platforms Inc. to call its Silicon Valley-based engineers and other employees back to the office, after Facebook’s parent company continued to dismiss service workers with “mass layoffs” of shuttle-bus drivers

Predictable they would cut support services first like shuttle drivers and janitors. Facebook reliably is being coy on its stats as far as work from home and hybrid work schedule. I suspect almost all its staff engages in at least hybrid work. I wonder what percentage works from home (i.e., never has to go into office).

There is no shortage though in tech hiring, it's mostly the woke fuckt/fag cos who are finally feeling the brunt from the ineptitude of their woke employees. Plenty of small to midsize tech cos hiring like crazy and can't find enkugh qualified candidates, even some big ones like t-mobile hiring like crazy.

If contract workers are allowed to use Facebook's shuttle buses then Facebook could have laid them off. This is based on Facebook reducing the number of shuttle bus drivers. Reducing contract worker head count is one way to reduce the stock price risks of layoff news.

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mell says

There is no shortage though in tech hiring, it's mostly the woke fuckt/fag cos who are finally feeling the brunt from the ineptitude of their woke employees. Plenty of small to midsize tech cos hiring like crazy and can't find enkugh qualified candidates, even some big ones like t-mobile hiring like crazy.

I see a fair amount of tech recruiters from Meta on my Linkedin thread saying they have been laid off. I would not consider them tech workers being laid off.

1337irr says

mell says

There is no shortage though in tech hiring, it's mostly the woke fuckt/fag cos who are finally feeling the brunt from the ineptitude of their woke employees. Plenty of small to midsize tech cos hiring like crazy and can't find enkugh qualified candidates, even some big ones like t-mobile hiring like crazy.

I see a fair amount of tech recruiters from Meta on my Linkedin thread saying they have been laid off. I would not consider them tech workers being laid off.

I have seen few in-house recruiters, going by the pareto principle maybe 20,% worth their money. In theory they should have all the advantages over the big volume contracting recruiting companies, finding the best candidates for their teams and making the interview process a pleasure for those candidates. Unfortunately there is no difference and many can be worse than the big "faceless/soulless" recruiting cos., thats' why they are doing so well.

Stripe, South San Francisco financial tech giant, lays off more than 1,000
The financial technology giant Stripe, headquartered in South San Francisco, announced that it would lay off 14% of its staff — a massive cutback for the tech unicorn.
Stripe CEO Patrick Collison announced the layoffs in a note sent to staffers and publicly shared Thursday morning.
“For those of you leaving: we’re very sorry to be taking this step and John and I are fully responsible for the decisions leading up to it,” Collison said in the message — which notably appears more repentant in tone than many other layoff announcements, large and small.
In the post, he mentioned that the layoffs will bring the company back to its February head count of “almost 7,000 people.”

Lyft, San Francisco ride-hailing giant, lays off more than 500 employees
San Francisco ride-hailing titan Lyft announced that it would lay off 13% of staff — a staggering round of layoffs in an already tough year for the tech industry.
In a statement released Thursday morning, the tech giant said that in addition to this layoff round, it would sell off its first-party vehicle service.
Among the factors cited for the layoffs are the likelihood of “a probable recession sometime in the next year” and the rise in “rideshare insurance costs.”

Twitter laid off a shitload of employees today, including their entire "Human Rights Team" which is devoted to pushing a Woke Agenda by the UN for Business.



Which really nobody ever heard of. More useless 6 figure lib arts major fluff on corporations.

PLEASE, Please, Lord, outstretch your protective hand and lift the cowl of stupidity. I froth with anticipation that companies will rationalize and ditch their Woke/PR/HR/"Truth and Ethical Policies" People.

1337irr says

I see a fair amount of tech recruiters from Meta on my Linkedin thread saying they have been laid off. I would not consider them tech workers being laid off.

I read that Google and Meta (Facebook) are having "silent or soft layoffs" whereas they are trying to slowly reduce staff so that it does not attract too much attention or cause morale problems and also they have been making cuts like I read Facebook has recently cancelled a lease in Austin, TX and cut its shuttle bus services that are used by employees. Amazon also has made many cuts recently such as with warehouse plans and leases.

I saw this Twitter post about layoffs. Also Zerohedge's article on 04 Nov 2022 (Something Has Snapped: Unexplained 2.3 Million Jobs Gap Emerges In Broken Payrolls Report) says the BLS is inaccurately showing job growth.
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From Wall Street Journal:

Meta Platforms Inc. META 2.11%increase; green up pointing triangle is planning to begin large-scale layoffs this week, according to people familiar with the matter, in what could be the largest round in a recent spate of tech job cuts after the industry’s rapid growth during the pandemic.

The layoffs are expected to affect many thousands of employees and an announcement is planned to come as soon as Wednesday, according to the people. Meta reported more than 87,000 employees at the end of September. Company officials already told employees to cancel nonessential travel beginning this week, the people said.

The planned layoffs would be the first broad head-count reductions to occur in the company’s 18-year history. While smaller on a percentage basis than the cuts at Twitter Inc. this past week, which hit about half of that company’s staff, the number of Meta employees expected to lose their jobs could be the largest to date at a major technology corporation in a year that has seen a tech-industry retrenchment.

California Business Exits Soared in 2021, and There Is No End in Sight

In 2021, California business headquarters left the state at twice their rate in both 2020 and 2019, and at three times their rate in 2018. In the last three years, California lost eleven Fortune 1000 companies, whose exits negatively affect California’s economy today

https://www.hoover.org/research/california-business-exits-soared-2021-and-there-no-end-sight

For amusement, jump to page 32, Appendix "A" for a list of Company Headquarters that Left California Jan 1, 2018 through Dec. 31, 2021, It shows where they were located and where they relocated to:

https://www.hoover.org/sites/default/files/research/docs/21117-Ohanian-Vranich-4_0.pdf

Zendesk to lay off 5% of staff, including employees at San Francisco HQ
Zendesk is reportedly close to laying off 5% of its staff, including around 84 employees in California. As several tech companies have executed mass layoffs in recent weeks, the software company’s impending termination of around 350 employees in total may seem paltry, but it’s yet another sign of a struggling tech sector.

Salesforce, San Francisco's largest employer, lays off hundreds
On Monday, Salesforce laid off hundreds of employees, the San Francisco tech giant’s second round of layoffs this year. It follows an earlier round in October, when 90 people — primarily contract workers in the recruiting department — lost their jobs.

Mark Zuckerberg said today "he was wrong" as far as managing Meta's finances and announced layoffs of 13% of its workforce.

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Cisco is planning a $600M restructuring that will include cutting 5% of its staff and downsizing its real estate
Cisco Systems Inc. plans to cut about 5% of its staff — about 4,165 employees — and shrink its real estate, the networking giant announced Wednesday.
The San Jose-based company is undertaking a "limited" restructuring, spokeswoman Robyn Blum said in an emailed statement. Despite the job cuts, Cisco has open positions and expects its workforce to be about the same size at the end of its fiscal year as it was at the beginning of it, she said. The company employed 83,300 full-time workers at the end of July at the close of its last fiscal year, according to its annual report.
"This decision was not taken lightly, and we will do all we can to offer support to those impacted," Blum said in the statement.
Blum did not immediately respond to questions about where Cisco plans to cut jobs or shrink its real estate.
The company has a significant presence in North San Jose and was one of the first major tech companies to establish a base in that section of the city. Even though it has been selling off some of its real estate holdings over the last several years, Cisco's headquarters and surrounding buildings take up more than 3.5 million square feet of space — making it the largest office campus in Silicon Valley, according to Business Journal research.
As part of Cisco's restructuring, the company expects to recognize $600 million in charges in coming quarters related to severance and real-estate costs, it said in a document filed with the Securities and Exchange Commission.

Wonder if they're doing a rank and yank to pick up newly available talent. Tis the season...

Bored ? Amuse yourself on the link below for the latest layoff news. Select from Global or U.S., Tech or Non Tech - fun for the entire family and no political ads !

https://layoffstracker.com/

right after elections too, collusion at its finest. they knew well ahead if time.

ad says

Mark Zuckerberg said today "he was wrong" as far as managing Meta's finances and announced layoffs of 13% of its workforce.

Meta's H-1B layoffs challenge visa holders and U.S. workers

[Laid-off H-1B workers have] virtually no bargaining power with prospective employers. And [they] will make huge sacrifices just to stay in the country legally.
Ron Hira - Associate professor of political science, Howard University

https://www.techtarget.com/searchhrsoftware/news/252527158/Metas-H-1B-layoffs-challenge-visa-holders-and-US-workers

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See above where it says more remote workers are going to be called back into the office. That may effect work-from-home renters in locations like Boise and Miami Beach.

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Google looks to shed 10,000 ‘poor performing’ workers: report

https://www.marketwatch.com/story/google-looks-to-shed-10-000-poor-performing-workers-report-11669222278?mod=home-page

Booger says

Makes no sense: less coders in the office also means less need for plumbers' services.

RWSGFY says

Makes no sense: less coders in the office also means less need for plumbers' services.

That is twitter in that meme - the plumber was called by Musk to get rid of all the backed-up shit.

DD214 says

Google looks to shed 10,000 ‘poor performing’ workers: report

https://www.marketwatch.com/story/google-looks-to-shed-10-000-poor-performing-workers-report-11669222278?mod=home-page

Zuckerberg admitted fault as far as running Meta when he announced layoffs of 13% of the company workforce. Also before the layoff annoucement, I read they were cutting back expenses like perks for employees and reduction of shuttle services.

Google was bound to do the same for layoffs as Meta, Amazon, and other tech companies.

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DoorDash Is the Latest Bay Area Tech Giant To Lay Off Staff
Add DoorDash to the growing list of tech companies conducting layoffs amid a harsh economic climate.
In a note to employees, DoorDash CEO Tony Xu said the food delivery company was cutting some 1,250 jobs—around 6% of its workforce—citing growing costs and declining growth due in part to inflation. DoorDash stock rose around 5% on the news.
Xu wrote that although “the business remains strong and continues to grow,” the rapid hiring the company undertook during the pandemic needed to be scaled back.
“Most of our investments are paying off, and while we’ve always been disciplined in how we have managed our business and operational metrics, we were not as rigorous as we should have been in managing our team growth. That’s on me,” he wrote.
The job cuts include 311 employees in DoorDash’s San Francisco offices, according to a state filing. Seventy-five DoorDash employees based in Los Angeles will also be let go.

EBGuy says

The job cuts include 311 employees in DoorDash’s San Francisco offices, according to a state filing. Seventy-five DoorDash employees based in Los Angeles will also be let go.

Get rid of the dead weight like the Woke warriors and blue hairs.

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RWSGFY says

Makes no sense: less coders in the office also means less need for plumbers' services.

Learn an in demand skill is what it means.

Booger says

RWSGFY says

Makes no sense: less coders in the office also means less need for plumbers' services.

Learn an in demand skill is what it means.

Since when coding is not in demand skill?

San Francisco tech unicorn Airtable lays off a fifth of staff as multiple execs exit
The San Francisco-based tech decacorn Airtable laid off about a fifth of its staff Thursday — alongside the exit of at least three top executives.
According to an internal memo posted on the company’s website, Airtable laid off 254 employees as a move to “evolve our organizational structure.”

San Francisco tech ‘decacorn’ Plaid lays off a fifth of staff
The wildly successful San Francisco financial tech startup Plaid has laid off 260 employees — about 20% of its staff.
In a letter to employees publicly posted Wednesday, Plaid CEO Zach Perret explained that the layoffs come after a post-COVID-19 “dramatic increase in fintech adoption, at a pace that was well beyond what we predicted.”
“The simple reality is that due to these macroeconomic changes, our pace of cost growth outstripped our pace of revenue growth,” Perret explained in the letter.

Salesforce, San Francisco’s largest private employer, lays off 10% of staff
In the first major blow in 2023 to the tech industry, Salesforce — San Francisco’s largest private employer — is laying off about a tenth of its staff, a reduction that could potentially mean the loss of over 7,000 jobs globally in the next few weeks.
The layoffs were announced early Wednesday morning in a SEC filing and in a letter to employees from Salesforce CEO Marc Benioff dated Wednesday. It is unclear if any employees at Salesforce’s subsidiaries, including Slack, are affected.
“I’ve been thinking a lot about how we came to this moment,” Benioff said in the letter addressed to Salesforce’s “ohana.” “As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we’re now facing, and I take responsibility for that.”

Not only have they paused hiring but they are laying off

We went from can’t hire enough, to hiring freeze, to layoffs in a matter of 6mo