Crypto

Google is preparing for a massive social plan and lay off up to 12,000 employees.

The American multinational technology company Alphabet is about to collapse under the weight of its own workforce and plans to lay off 12,000 employees. The layoffs will affect all of its global operations, but the effects will be felt immediately in the United States, Reuters reported, citing a company memo it reviewed.

The layoffs will affect approximately 6% of the company’s workforce, and chief executive Sundar Pichai said he takes full responsibility for the decisions that brought the company to its current state. According to the CEO, Alphabet Inc has launched a hiring wave to prepare “for an economic reality different from the one we face today.”

Throughout 2022, the global economy faced major challenges as the lingering effects of the coronavirus pandemic were exacerbated by the outbreak of war between the Russia-Ukraine duo. The war lasted over 10 months and its impact on the global supply chain was quite significant.

General sentiment in the tech sector has impacted Alphabet’s share price and overall business outlook as advertising spending has dropped significantly across all companies. It was the culmination of these economic realities that prompted Alphabet to lay off some employees.

The layoffs will affect all aspects of its business operations, including corporate services, recruiting and engineering teams. Alphabet said the effects of the layoffs may be slower in other countries due to local labor laws.

Despite the prospect of layoffs, Sundar Pichai welcomed the company’s investment in artificial intelligence (AI).

“I am confident in the tremendous opportunities that lie ahead of us through the strength of our mission, the value of our products and services, and our early investment in AI,” he said in Note.

Alphabet layoffs are a trend among tech giants

The fact that Google’s parent company is laying off its employees is no surprise, as other tech giants including Meta, Amazon and Microsoft have also followed suit.

Meta started getting bold last year in November when it announced it was going to lay off 11,000 people, or 13% of its global workforce at the time. The Meta stunt was completed when Amazon said it would lay off 18,000 of its employees, making it clear that the tech sector had been hit beyond the norm.

Microsoft also plans to cut 10,000 employees, but Apple has not yet announced its intention to leave some of its employees.

The layoff of tech workers justifies the tension that crypto companies like Coinbase and Gemini faced when they announced they were cutting their jobs earlier in 2022.

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