- Google (GOOGL) has announced the difficult decision to part ways with 12,000 of its employees, representing 6% of its full-time staff. This news has left many employees feeling uncertain and shocked to find their access to company resources had been terminated. The Internet giant is facing questions regarding the criteria that led to the layoffs, as both long-term and recently promoted employees were affected. News of the announcement sent its shares up 3.5%.
- Up to this point, job cuts have been seen in the U.S. for Chrome, Cloud, and Area 120 departments, as well as within the AI sector, based on reports from Bloomberg. U.S. employees will also receive at least 16 weeks of salary, their 2022 bonus, paid vacations and six months of health coverage.
Why it matters
Alphabet is not the only tech giant to cut down on its workforce after a period of rapid growth; Amazon, Meta, Microsoft, Salesforce and Twitter are all following suit. Data from Layoffs.fyi, a website that tracks industry layoffs, shows that more than 190,000 jobs have been lost in the tech sector since the beginning of 2022.
