Google Trims Headcount – Alphabet Lays Off Close to 12,000 Jobs
In accordance with several of the major companies in the tech industry, Google’s parent company Alphabet has cut 12,000 employees, estimated to be around 6% of their full-time workforce. The news comes after a months-long wave of layoffs, particularly seen throughout the weakened tech industry; Tech giants Netflix, Amazon, Meta, Microsoft, and more have all conducted major job cuts as Wall Street analysts and retail investors have close eyes on their earnings. As these companies have seen major decreases in revenues in several practices, they need to find ways to decrease their costs to keep their earnings relatively stable, and through the unfortunate process several jobs, and even entire departments, will be terminated.
Google attributes the large number of job cuts to the rapid increases in hiring throughout the pandemic cycle. As several companies found recruiting difficult during the Covid-19 pandemic, they began to realize the value of retaining their workforces which led to a surge in recruitment following the end of the pandemic. Now, it seems that tech has taken too many jobs they can allot for during this time, which is now shown throughout the thousands of job cuts since November of last year. Nevertheless, Google mainly cut jobs in their Chrome, Cloud, and AI departments, with more of the controversy targeted towards how the job cuts were actioned. Several NYC employees who traveled to the office early Friday morning found their access been denied to Google’s building, only finding out later in an email of their job status. Other tenured or newly promoted ex-employees across the nation question the criteria that calculated their forced exit. Now, Google alongside their CEO Sundar Pichai will hold a Town Hall to discuss the layoffs, and how the company that made $17 billion in profit last quarter will operate moving forward.
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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.
