investiment.io
Google Announces Significant Restructuring and Layoffs, Shifting Roles and Jobs Abroad for Cost Reductions
Google, a subsidiary of Alphabet, is implementing layoffs for an undisclosed number of employees. The company spokesperson mentioned that these layoffs are not across the entire company, and affected employees can apply for other internal positions. The specific number of impacted employees and the teams affected were not disclosed.
In a continued effort to reduce costs and optimize efficiency, Google is implementing layoffs affecting an unspecified number of employees and shifting certain roles to other countries. While the exact number of layoffs and the specific roles or teams affected remain undisclosed, the company has stated that these changes are not company-wide. Impacted employees have the opportunity to apply for other positions within Google, with some roles being moved to international and domestic hubs in India, Chicago, Atlanta, and Dublin.
This restructuring is part of Google's broader strategy to streamline operations and focus resources on its highest product priorities. These changes follow warnings from Google CEO Sundar Pichai earlier in the year, indicating more job cuts were on the horizon as the company pursues ambitious goals. Despite these layoffs not reaching the scale of the previous year’s reductions - which saw 12,000 jobs cut in early 2023 - the impact on the workforce and specific teams is acknowledged as being significant.
In addition to the layoffs within Google, other divisions under Alphabet have also experienced job cuts. YouTube’s creator partnership team, Google’s voice assistant unit, and the hardware team responsible for Pixel, Nest, and Fitbit products have seen reductions in staff. These moves are part of a wider trend in the tech industry to adapt to changing market conditions and strategic priorities.
Other major tech companies are also making similar adjustments. Apple recently announced its first major layoffs since the pandemic, affecting 614 employees across various projects, reportedly a month after cancelling its electric car project. Amazon Web Services (AWS) has also reduced its workforce, targeting several hundred roles in its Sales, Marketing and Global Services organization, and its Physical Stores Technology team.
These layoffs and restructuring efforts across the tech industry reflect the challenges and pressures facing major companies as they navigate economic uncertainties and shift focus towards new priorities and efficiencies. Google, like its peers, is making tough choices to realign its workforce and resources in pursuit of its long-term objectives, while also providing avenues for affected employees to find new roles within the company.
Articles published about this story
- nypost.comnypost.com
- marketwatch.commarketwatch.com
- pymnts.compymnts.com
- nypost.comnypost.com
- investorplace.cominvestorplace.com
- reuters.comreuters.com
More stories
- investiment.ioinvestiment.io
Meta Platforms (NASDAQ: META) faces a pivotal moment after recent earnings, as analysts cut price targets due to increased expenses for the Metaverse and AI. Despite the stock dip from AI spending concerns, analysts believe in Meta's strong core business and potential future profitability.
- investiment.ioinvestiment.io
U.S. regulators are seizing Republic First Bancorp and arranging for its sale, following the bank's struggles with high costs and profitability issues. The bank's operations will be transferred to Fulton Bank after regulatory approval.
- investiment.ioinvestiment.io
Chinese electric car start-ups Nio and Xpeng are expanding their market reach by introducing new affordable models, potentially boosting their competitiveness. This move comes amidst positive market sentiment towards China-based EV makers, driven by reports of government incentives for electric vehicle purchases.
- investiment.ioinvestiment.io
ResMed reports strong earnings, surpassing Wall Street expectations in fiscal Q3, leading to a significant increase in stock price and demand for its sleep apnea devices.
- investiment.ioinvestiment.io
Skechers Inc. experienced a significant boost in its stock price following an impressive first-quarter performance, with earnings surpassing expectations and record-breaking revenues of $2.25 billion. Analysts also raised the price target on the stock due to the company's strong international market presence and increasing direct-to-consumer sales.
- investiment.ioinvestiment.io
Tech giants like Microsoft and Alphabet surpass Wall Street expectations in their recent earnings reports, crediting their profits to investments in AI. The companies continue to prioritize AI, with Microsoft investing nearly $10 billion abroad to solidify its position in the market, driving chip stock increases.
- investiment.ioinvestiment.io
NatWest Group PLC saw a decline in mortgage lending and net interest income in the first quarter of 2024. Despite this, its profit fell less than expected, leading to a rise in shares as results exceeded forecasts, bringing them close to a five-year high. The government also reduced its stake in the company.
- investiment.ioinvestiment.io
Exxon Mobil's first-quarter earnings fell short of expectations due to declining refining margins and plummeting natural gas prices, impacting the industry.
- investiment.ioinvestiment.io
The core personal consumption expenditures price index rose by 0.3% in March, exceeding expectations, potentially impacting the S&P 500 outlook. This unexpected inflation increase may delay rate-cut decisions and raise concerns about sustained price pressures.
- investiment.ioinvestiment.io
The U.S. National Highway Traffic Safety Administration is investigating if Tesla's recall of over 2 million vehicles in December to enhance Autopilot safety measures is sufficient.