Google's parent Alphabet Inc. is cutting about 12,000 jobs as it faces "a different economic reality," it said in a staff memo, doubling down on artificial intelligence (AI) and axing staff who support experimental projects.
The job cuts affect 6% of its workforce, and follows thousands of layoffs at tech giants including Amazon.com Inc., Microsoft Corp. and Meta Platforms Inc., which are downsizing after a pandemic-led hiring spree left them flabby in a weak economy.
Shares in Mountain View, California-based Alphabet, which boosted its workforce by nearly a third through 2020 and 2021, rose 4% on Friday. They had fallen 30% in the past 12 months, echoing a 24% slump in the broader tech industry.