Google is laying off 12,000 employees, or roughly 6% of its workforce, the company announced Friday. CEO Sundar Pichai said in an email to employees that the cuts will affect “teams across Alphabet, across product areas, functions, levels and regions.”
The layoffs come as the tech industry, which has been on a hiring spree in recent years, faces a slowdown in growth. The Federal Reserve is raising interest rates in an effort to combat inflation, and consumers are spending less. As a result, many tech companies are freezing hiring and laying off employees.
Google is not immune to these headwinds. The company’s revenue growth has slowed in recent quarters, and its stock price has fallen by more than 40% since the beginning of the year.
The layoffs are a major setback for Google, which has long been seen as one of the most desirable places to work in the world. The company has a reputation for its generous benefits, flexible work environment, and cutting-edge technology. However, the layoffs are a sign that even the most successful companies are not immune to the economic downturn.
The layoffs are also a blow to the Bay Area economy. Google is one of the region’s largest employers, and its spending has helped to fuel the local economy. The layoffs will likely have a ripple effect on other businesses in the area.
The layoffs are a reminder that even the most successful companies can be affected by the economic downturn. The tech industry is facing a slowdown in growth, and Google is not immune to these headwinds. The layoffs are a major setback for Google, and they are a blow to the Bay Area economy..
