Google Considering Layoffs Following Tech Sector Exodus
Nov 23, 2022 By MarketDepth
Alphabet (Goog:NYQ) has weathered the storm of layoffs in the tech sector but looks like they are considering shedding 10,000 jobs or 6% of its global workforce. Google uses a ranking system for employee performance and is considering using this metric for terminating employees.
The sector as a whole has seen large numbers of employees let go after years of massive growth. As companies come to grips of what is required to continue to keep them profitable they are shedding employees at an incredible pace. Twitter laid off more than 50% of its 7,500 staff members after Elon Musk took the reigns. Meta formerly Facebook also let go of 11,000 employees which was followed by many other smaller companies also trimming excess employees.
Google which is up about 1% intraday but is down 30% on the year is trying to fight corporate layoffs but it seams they will be following the trend of other companies in the sector.
The list of tech companies that have laid off employees are: Cisco, Amazon, Intel, Roku, Meta, Twitter and most recent HP. These are just a small list of the companies that have already announced job cuts. As many of these companies have already announced further cuts may be needed as they navigate the difficult financial conditions.