Engineers affected.
The coasting day care is over and Google is in code red wartime mode in a state of panic.
Sorry. The market is brutal and it does not care.
No one is safe, not even Google.
The coasting day care is over and Google is in code red wartime mode in a state of panic.
Sorry. The market is brutal and it does not care.
No one is safe, not even Google.
I think for a lot of people this seems nice on paper, but in the past I've realized that you can be so bored that you actually start doing work.
They aren't yet finalized, but pretty damn close. Don't you think this probably plays into it? VPs were likely told 'put 6% of your engineers below 'meets expectations', and some VPs probably thought about it and said "actually we have a really weak division, i'd rather axe that, than taking a 6% haircut across the board.
It makes sense, if you have a few teams of rockstars, a division of 'meh', and one weak director that has hired a few weaker managers who also hires weaker engineers, why give everyone the same PiP quota?
1. This wasn't just entire divisions. I've seen massive cuts on some teams and ticky-tack cuts elsewhere.
2. This was clearly coordinated above the VP level and could not have been just individual unilateral decisions by VPs who saw specific grad numbers coming through.
3. I've seen people who were not low performers get fired in this ticky-tack manner.
4. Nobody on my team was fired, but I sure as hell wasn't told "don't worry about expected distributions of low performers since we'll just cut from elsewhere."
Second, why take the PR hit and not just crank the PiP quota or something?
Google stock is up 56% YoY. Fifty six percent.
What do you think it should be? 2000%?
It's a huge mature company. 56% in a year is unheard of.
That's it?
Screaming about 56% in one year is hardly anything to be celebrating about.
Compared with the likes of Meta with >200% in 1 year with just buying and holding alone tells us that was a much better return than Google which is already getting disrupted as it flails about.
> What do you think it should be? 2000%?
If you're talking making 2000% in one year, go and do some 0DTE options gambling on some other stocks.
> It's a huge mature company. 56% in a year is unheard of.
That means absolutely nothing. We gave Google enough time to respond to its rising competition and all it could do was fabricate a demo in front of the world.
No wonder the layoffs happened.
MSFT is up 60% yoy. To say nothing about NVDA.
Anyway, the market rebounded. GOOG and most of the market are flat from 2 years ago.
Google Cloud alone grew 22%.
https://erp.today/storm-clouds-for-google-as-q3-misses-analy...
You’ve got to (a) zoom out and look at trend, (b) focus on profit, not revenue, and (c) look at forecast (future, not past).
Alphabet net income for the twelve months ending September 30, 2023 was $66.732B, a 0.39% decline year-over-year. Their annual net income for 2022 was $59.972B, a 21.12% decline from 2021. And their annual net income for 2021 was $76.033B, a 88.81% increase from 2020.
If you believe that companies should grow, then a trend of rapidly decreasing profits is very worrisome and that you need to turn around.
https://www.macrotrends.net/stocks/charts/GOOG/alphabet/net-...
I wish they were a little more strategic, but this time they are allowing affected team members to keep corporate access and apply internally to open roles.
not the market but the capitalists