Google Cuts Add to Tech Wipeout That’s Claimed Over 100,000 Jobs
Alphabet Inc.'s plan to reduce headcount by more than 6% — about 12,000 roles — is adding to mass job cuts that are accelerating at technology companies around the world.
The tech sector announced 97,171 job cuts in 2022, up 649% compared to the previous year, according to consulting firm Challenger, Gray & Christmas Inc. Disclosures about cuts at Google's parent company, Microsoft Corp., and Amazon.com Inc. have added another 30,000 positions in January.Big tech companies like these benefitted from a boom in e-commerce spending and remote work that kicked off during the Covid-19 pandemic lockdowns in 2020. Now, many of these businesses are reporting disappointing growth rates and dealing with sagging share prices as customer behavior returns to normal. Their leaders are saying they expanded too quickly, with Alphabet Chief Executive Officer Sundar Pichai writing that he takes “full responsibility for the decisions that led us here,'' in an email to employees on Friday.
Here's a running list of who's cutting jobs and pulling back on hiring.
Google parent Alphabet announced it will cut about 12,000 jobs, more than 6% of its global workforce, in a move that will affect roles across the company.
The company had in October reported third-quarter earnings and revenue that missed analysts' expectations, with profit dropping 27% from a year earlier. Investors began to pressure the search giant to adopt a more aggressive strategy to curb spending. TCI Fund Management Ltd. urged the company to set a target for profit margins, increase share buybacks and reduce losses in its portfolio, noting Alphabet's headcount has swelled 20% per year since 2017.
The e-commerce titan is laying off 18,000 employees, CEO Andy Jassy announced on Jan.
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