News for hackers. Stuff that matters.

A comment on The tech sector teardown is more catharsis than crisis. Parent comment

Re:The tech sector teardown is more catharsis than crisis by itsoktocry on Wednesday May 18, 2022 @10:09AM (#31422971)
>Why? Because it’s higher than you’re used to seeing? You don’t even know what role that person was applying for. Is your position that 380k is just “too high”, period?

Perhaps because the company lost half a billion dollars last quarter and is in a controversial space facing regulatory scrutiny?

>That number (or higher) has been the norm at a huge swath of stable and profitable tech companies for a decade+.

Yeah, stable and profitable.

[ Parent | on HN ]
Re:The tech sector teardown is more catharsis than crisis by matwood on Wednesday May 18, 2022 @12:40PM (#31424840)
> Perhaps because the company lost half a billion dollars last quarter

So what? Last year COIN made $3.62B earnings. They may need to shift at some point, but I think it's incorrect to act like 1-2 bad quarters means a company should completely shift their plan. If anything, it's more important than ever to hire top people - which requires a decent salary.

[ Parent | on HN ]
Re:The tech sector teardown is more catharsis than crisis by itsoktocry on Wednesday May 18, 2022 @01:20PM (#31425281)
>If anything, it's more important than ever to hire top people - which requires a decent salary.

These are not "top people", they are average people. This isn't Lake Wobegon, where all the kids are above average.

>So what? Last year COIN made $3.62B earnings.

Only in Silicon Valley do people say "so what" to profits and quote revenue numbers. We're literally talking about high costs. Selling dimes for a nickel is simple, but not sustainable.

[ Parent | on HN ]
Re:The tech sector teardown is more catharsis than crisis by matwood on Wednesday May 18, 2022 @02:19PM (#31425948)
Not revenue. In 2021 COIN earned 3.62B profit on 7.84B revenue. People are acting like COIN is one of these companies that has never made money. Last year they had a $14.50 EPS.

2021 Fiscal Year https://finance.yahoo.com/quote/COIN/key-statistics?p=COIN

Of course past results are not indicative of the future, but in 2020 and 2021 COIN had positive earnings.

[ Parent | on HN ]
Re:The tech sector teardown is more catharsis than crisis by phonon on Wednesday May 18, 2022 @02:45PM (#31426228)
They actually made that in profits last year.

https://d18rn0p25nwr6d.cloudfront.net/CIK-0001679788/8e5e050...

[ Parent | on HN ]
Re:The tech sector teardown is more catharsis than crisis by mdoms on Wednesday May 18, 2022 @03:04PM (#31426413)
What do you mean, so what? Have you not read the article under discussion?
[ Parent | on HN ]
Re:The tech sector teardown is more catharsis than crisis by matwood on Wednesday May 18, 2022 @04:37PM (#31427322)
Sure, an article where COIN wasn't mentioned. Given that COIN made a profit in 2020 and a very large profit in 2021 it's hard to place it as a VC cash burning company.

COIN had a bad quarter and expects to have another. Are we seeing a shift away from crypto and tech or repricing which things will continue again? I think it's too soon to tell, hence my so what. COIN needs tighten up and plan for what's next. It doesn't mean they need to assume crypto is going to zero and the company is over - yet.

[ Parent | on HN ]
Re:The tech sector teardown is more catharsis than crisis by htormey on Wednesday May 18, 2022 @10:47AM (#31423468)
"Perhaps because the company lost half a billion dollars last quarter and is in a controversial space facing regulatory scrutiny?"

Wouldn't you expect people to be paid more for working in a risky space? Also, please not Coinbase just announced a hiring freeze.

https://blog.coinbase.com/employee-note-an-update-on-hiring-...

[ Parent | on HN ]