in the future - u will be able to do some more stuff here,,,!! like pat catgirl- i mean um yeah... for now u can only see others's posts :c
Layoffs are everywhere: Amazon, Google, Apple, Instagram, Discord, Citibank, Duolingo, CitigroupâŚ
But, things are not as bad as they seem.
Tech layoffs are trending down, as the chart shows.
Thereâs something else happening, which is âthe end of the good timesâ in tech, with a strict focus on profitability.
Letâs investigate under the hood, company by company:
⢠Amazon
Amazon made 3 major cuts in unprofitable divisions.
This yearâs first cut of 900 is far less than the 27,000 total last year. Which makes these cuts, overall, rather small.
Amazonians see bottom performers cuts every year. They even saw some just two months ago in November.
⢠Google
Googlers everywhere are going through a new annual rite of passage: the annual reckoning.
Quiet pink slips hit employees in a suite of underperforming or loss making divisions.
This yearâs cut at Google was far less than last year: 1,000 vs 12,000 last year.
⢠Apple
âApple hasnât had a layoff!â you say.
But Apple has had its own form of forced attrition.
In its Siri division, which is getting absolutely walloped by voice ChatGPT, 121 members were told to relocate or lose their jobs.
⢠Meta
Instagram cut 60 Technical Program Managers.
But these people are being given 60 days to find a new job.
So itâs far from a full layoff, and more in the Apple bucket of âjob pressure.â
⢠Discord
Discord cut nearly 17% of the company, as it struggles to live up to its $15B valuation.
The company had grown 5x since 2020. It even raised in 2021 and is looking to go public soon.
This meant there was likely pressure on Jason to live up to that valuation.
⢠Citigroup
Falling out of the normal pattern of tech companies, Citigroup made a huge cut.
This came on the back of the companyâs worst quarter in 15 years.
It reported a $1.8B net loss.
⢠Duolingo
Duolingo laid off 10% of its contract human translators last week.
The company is replacing them with AI.
This is actually a case of a company protecting and investing in its tech org, but relying on less on humans.
⢠Playtika
The Isralei gaming giant has had a rough go of it, cutting 300-400 more employees after a cut of 900 employees in December 2022.
And in its most recent quarter, net income plummeted 44% year over year.
Down 77% since IPO, this is another case of a struggling company.
Takeaways from the Layoffs
1. Itâs the end of the good times in tech
â It seems we can expect regular cuts from now on. The unparalleled job security of a Google or Apple is slowly eroding, but mainly at the edges.
2. If youâre in an underperforming or loss making division (or company), consider a move
â This has always been the case for career growth, but now itâs also a compelling thing to do for job safety.
3. As a leader, be prepared to not just grow but also shrink - as a skill
â For 10 years we just kept growing our orgs, now we also need to be able to manage the culture after making a forced exit on our team.
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