> Over the past two years we’ve seen periods of dramatic growth. To match and fuel that growth, we hired for a different economic reality than the one we face today.
Translation: we fell for the economic mirage.
I'm not buying it. Google sees something on the economic horizon and is now bracing for impact. And that something is not a mean reversion. It's an overcorrection.
Google's main product, advertising, puts it in a unique position to see into the economic future. Google is a bellwether. If the coming recession were truly going to be "mild," then Google wouldn't care.
It's time for everyone in tech to admit that the last two years were a mirage driven in part by corporate FOMO. Many do, but I don't think they're prepared for what comes next.
> Google sees something on the economic horizon and is now bracing for impact
They haven't been successful in foreseeing the current bust, and were hiring like crazy a year ago. Why do you think that they'd be so good at seeing into the future now?
Translation: we fell for the economic mirage.
I'm not buying it. Google sees something on the economic horizon and is now bracing for impact. And that something is not a mean reversion. It's an overcorrection.
Google's main product, advertising, puts it in a unique position to see into the economic future. Google is a bellwether. If the coming recession were truly going to be "mild," then Google wouldn't care.
It's time for everyone in tech to admit that the last two years were a mirage driven in part by corporate FOMO. Many do, but I don't think they're prepared for what comes next.