patrick.net

Nutanix, Bay Area unicorn tech startup once valued at $2B, laying off 270 employees
A Bay Area cloud tech startup once valued at more than $2 billion, has laid off 270 employees.
Nutanix, an enterprise cloud software firm headquartered in San Jose, announced the layoffs — which comprise 4% of the company’s more than 6,000 staffers globally — in an SEC filing dated Tuesday.
The layoffs will cost the company up to $25 million this quarter, Nutanix said in the filing. The layoffs come after “a careful review of our business structure and after taking other cost-cutting measures to reduce expenses,” a Nutanix spokesperson told SFGATE.

Calm, trendy wellness startup ‘unicorn’ headquartered in San Francisco, lays off a fifth of staff
Calm, the meditation and relaxation tech startup featuring a medley of celebrity voices, has laid off a fifth of its staff. The company is headquartered in San Francisco and employs around 400 people, the Wall Street Journal reported.
The affected employees were laid off Thursday, a company spokesperson told SFGATE. Laid-off employees were notified in one-on-one meetings, according to a company-wide message.
“While some of you will be impacted, all of you will be affected,” Calm CEO David Ko said in the message Thursday. “I can assure you that this was not an easy decision, but it is especially difficult for a company like ours whose mission is focused on workplace mental health and wellness.”

San Francisco tech unicorn Patreon lays off nearly 20% of staff
The San Francisco tech company Patreon announced mass layoffs to the tune of nearly a fifth of its staff. In a message sent to staffers and posted publicly Tuesday morning, CEO Jack Conte announced that 17% of Patreon staff — around 80 of its 470 staffers — will be laid off across departments, including sales, finance and operations staffers. A spokesperson confirmed the layoffs to SFGATE but declined to provide further comment. “Over the last 9 months, we’ve seen the tech industry — and the whole economy — change considerably,” Conte said in the message. “Many of you have asked me about layoffs at All Hands meetings as we’ve set out to tighten our focus, and I’ve said that layoffs would be a last resort. Today we are taking that step, and I am deeply sorry to the kind, talented, creator-first people who will be leaving Patreon.” In addition to the 80 people laid off Tuesday, the company confirmed a TechCrunch report from last week that five employees in the company’s security department will also be laid off. As a result of these layoffs, the company will be shuttering its offices in Dublin and Berlin.

Massive San Francisco tech company Twilio lays off about 800 staffers
Twilio, a corporate communications tech giant headquartered in San Francisco, has laid off 11% of its staff as part of a broader company restructuring — a move that could eliminate more than 800 employees. The restructuring was approved by the company’s board of directors Monday, according to a SEC filing published Wednesday, as first reported by CNBC. In total, the company employed 7,867 people as of December 2021. (A Twilio spokesperson declined to provide a current employee headcount.)...
Twilio is a cloud communications company, providing messaging systems for businesses like Lyft, Netflix and Airbnb.

I'm proud to say that patrick.net has never had any layoffs!

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Not sure what they do, but someone is buying it.

$3.4 billion in revenue but $4.45 billion in total expenses. And the market cap is $14.3 billion.

https://www.reddit.com/r/worldnews/comments/xwsmhm/facebook_reportedly_laying_off_thousands_of/

Patrick says

I'm proud to say that patrick.net has never had any layoffs!

You forgot your one ignore. You have been fired at least once.

Still cracks me up.

Oracle layoffs impact over 200 Bay Area employees
About 200 Oracle employees are out of a job, according to a notice from Oracle to the California Employment Development Department.
All employees worked at the former headquarters in Redwood City, now based in Austin, Texas. Jeff Bellisario, Bay Area Council Economic Institute executive director, said he was not surprised by the news.
“What this is though is another in a line of companies, announcing layoffs or announcing hiring freezes within our region so I think while we’re not at a wave of layoffs or recession, I think this is a sign companies are now planning for recession, planning for slower growth, and they’re doing that by reducing the labor cost,” said Bellisario.

Those are probably the ones who wouldn't move to Texas.

Is Facebook actually reducing its number of employees or head count or is it all bullshit about them streamlining ?

How about Google and Apple also ?

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Pacaso, SF unicorn startup for 'second home ownership,' lays off 30% of staff
A real estate tech “unicorn” headquartered in San Francisco has laid off nearly a third of its staff, about 100 employees.
Pacaso, a property tech (or “proptech”) startup that promises “second home ownership” at a fraction of the cost in a model not entirely dissimilar to timeshares (and fellow real estate startup unicorn Sonder), has cut its staff by 30%, attributing the layoffs to larger economic headwinds. The news was first reported by real estate news site Inman.

Some of you might have heard the news that some of our Shopee teams were affected by adjustments yesterday. As a result, we have to part ways with very talented individuals who have contributed to Shopee’s growth.

"adjustments"

Hi Honey, why are you home early today?
Well Dear, I got adjusted today.

Intel laying off thousands

https://www.bloomberg.com/news/articles/2022-10-11/intel-is-planning-thousands-of-job-cuts-in-face-of-pc-slowdown

The original article above is 4mo old and the situation is many times worse today than it was in June

BayArea says

Intel laying off thousands

https://www.bloomberg.com/news/articles/2022-10-11/intel-is-planning-thousands-of-job-cuts-in-face-of-pc-slowdown

I am looking at Intel as a possible stock buy. Just waiting for when I think it will finish its long decline.

HeadSet says

I am looking at Intel as a possible stock buy. Just waiting for when I think it will finish its long decline.

AMD needs to cut its workforce also. Its down about 67%.

Intel is down about 62% from its all time high set in early 2021.

I was thinking about buying Intel at $24 which is price it set in April 2010.

April 2010 is what I consider as when the stock market reversed its downward trend and the economy started its recovery.

AMD's CEO Lisa Su is right these are cyclical or roller coaster stocks when he said running AMD is like running a different company every 2 years. I am glad AMD has diversified some of its product lines. https://fortune.com/2022/10/11/amd-ceo-lisa-su-china-chip-restrictions-mpw-summit/

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HelloFresh announces mass layoffs, closure of Bay Area production facility
HelloFresh, a Berlin-based company once considered to be the largest meal kit provider in the nation, has announced plans to shut down its huge Bay Area production facility at the end of the year and will subsequently lay off more than 600 employees.
A letter to the California Employment Development Department, dated Oct. 10, relayed the company’s decision to permanently close the plant on Dec. 11, which will result in the termination of 611 employees, including production associates, managers, and maintenance personnel, according to reports from the San Francisco Business Times and MarketWatch. HelloFresh was required to notify its staff 60 days in advance of the closure per the California WARN (Worker Adjustment and Retraining Notification) Act.
A spokesperson for HelloFresh told SFGATE the company’s lease was set to expire at the beginning of 2023 and opted not to extend it after an “extensive analysis” of its production network.
“Richmond is one of the oldest buildings in the U.S. network and has one of the smallest footprints, an inefficient layout and outdated refrigeration systems,” the statement read. “Given the outdated state of the facility, HelloFresh will focus its efforts on its newer, more efficient sites and shift the production of EveryPlate to our other distribution centers."

HeadSet says

I am looking at Intel as a possible stock buy. Just waiting for when I think it will finish its long decline.

Wow, it never recovered back to its peak price in 2000:



Great dividend, but maybe that implies that people think the stock price will fall more.

Intel stock SUCKS

Patrick says

HeadSet says

I am looking at Intel as a possible stock buy. Just waiting for when I think it will finish its long decline.

Wow, it never recovered back to its peak price in 2000:



Great dividend, but maybe that implies that people think the stock price will fall more.

I haven't looked at INTC financials but they are doing some serious capital planning and might cut the dividend because of declining revenue. Check out CPT, AZZ, HD or APD. They have good dividends and business models.

Patrick says

Wow, it never recovered back to its peak price in 2000:

Yeah those were the boom days for computer related stocks

Other companies like Blackberry, Ford, IBM, GE, and Cisco are still below their all time highs set around late 1999.

Check at Citigroup:

April 1993: $45
Sept 2000: $577
Feb 2009: $20
current price: $43.59 (dividend 4.39% and P/E of 5.97)

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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.